Family Engagement Protects Your Legacy

Opening a conversation with family members about your will, legacy, and distribution of assets can be difficult. At Newman Jiang, we appreciate it can sometimes be uncomfortable to discuss the expectations and responsibilities that will be passed on to individuals after you have gone. However, it is better to have these conversations now rather than your family being forced to confront it at a time when they will be grieving your loss. The added stress and potential conflict at that time can be avoided by clearly explaining the situation beforehand.

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Family Financial Planning

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.

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Inheritance Tax Planning

There is no reason not to ensure that all available allowances and planning tools are used to leave your family the maximum possible and minimize tax liabilities. In addition, we help you bring family members into the discussion to understand why actions have been taken and how those actions impact the family's assets for the better.

Working with a local tax expert, well-thought-out plans, executed in good time, can seriously impact your family's benefits and potentially ensure the continuation of a family business that may otherwise be faced with insurmountable tax demands on death.

There are many tools and structures that can be utilized, and by liaising with your lawyers and accountants, we can establish the best path forward for you and your family.

Bloodline Trusts

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.

Planning Your Legacy

A legacy is more than assets, cash, properties, or a business – it represents how you will be remembered for generations to follow, so it takes careful consideration and a robust, financially efficient framework to be in place. Of course, this also applies if you choose to transfer some of your wealth in your lifetime. Foundations and trusts are just two of the tools on hand to make sure your legacy reflects your vision and is in your family's best interests.

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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.

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Empowering Your Family

Ensuring that when the time comes, your family and beneficiaries are well-positioned to take on the responsibilities of managing family wealth is another area that we can help with. Early communication, discussions, and education leave those you care for in the best position possible, so they are not overwhelmed when the responsibilities eventually fall on their shoulders. Engaging the family can also strengthen relationships and enhance feelings of appreciation around the legacy being carried forward.