Although challenges exist around discussing family finances, duties, responsibilities, and inheritances, Newman Jiang can help you positively manage the situation with assistance from our expert advisors.
Not starting these discussions early can leave your assets and your family's financial well-being at risk. If left too late, for example, after a change in circumstance or death, it may be too late to utilize the full range of available planning tools.
Newman Jiang will work with you and your family to raise these matters sensitively and educationally, bridging the awkwardness and engaging all interested parties in the discussion. The more that all parties feel included, the less resistance, conflict, and challenges will need to be overcome by those you leave behind.
Our decades of experience can positively contribute to bridging any communications gaps and misunderstandings and building a framework for future discussion.
Thinking about when and whether to gift excess assets early can result in trepidation and fear that the funds may be squandered or leave the family through marriage, poor management, or other reasons.
With the prevalence of blended families, multiple marriages, and costly divorces, it is not unwise to consider and protect what you can to keep it in your bloodline if this is something that concerns you.
The temptation could be to simply hold onto the assets until probate distributes whatever is left, often at a considerable cost in unnecessary tax and legal fees.
That is why having experts counseling and guiding you is an essential part of the process of protecting your family's wealth, values, and legacy. Along with your other professional advisors, we can structure plans that pass on wealth while ensuring control is retained. This ensures your wishes are acted on throughout your lifetime and beyond.
Insurance is another area to be looked at to protect what you have now, cover future expenses such as inheritance tax, and provide a fallback if you become ill or require care. Once again, we can identify the areas of need and then liaise with a qualified insurance professional where you live or where your assets are located.