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Multi Generational Wealth Planning

September 23, 2020

Generational wealth planning is an essential part of long-term financial planning for your family now and after your transition. A comprehensive strategy doesn’t just focus on how to transition wealth to the next generation, but also how best to prepare your successors to manage this wealth in the future. Building family generational wealth comes with both its rewards and its challenges. As you embark upon your process, there are numerous factors to consider. But more importantly, the aspirations for you and your family will center around aligning your financial desires with theirs.

With the potential for trillions in family wealth transferring from Baby Boomers to Generation X and Millennials over the next couple of decades, our clients must begin thinking about generational wealth planning.  Fiduciaries must develop an effective strategy to support their family’s future process of managing and preserving wealth.

Start Your Conversations Now

Regardless of your level of family wealth, it’s never too early to start building a family wealth planning strategy. As your family and wealth grow over time, the harder it may become to design a plan to suit everyone. A big first step is to determine what this plan will look like for you and your family. Soliciting your family members’ feedback will help you understand their financial goals and their ability to ensure the plan’s success. Understanding all of this will help set the foundation for your family to execute the strategy.  Once you have established your family’s values and goals, set a date to communicate your plan.

Key Considerations

As you work to build your generational wealth plan, there are many factors involved.  Here are a few considerations to start with:

  • Trust and accountability among family members are crucial for building generational wealth.
  • All members must understand the importance of family planning and their responsibilities to ensure success.
  • Consider which family members should participate and those who may otherwise be affected.
  • Establish a setting in a comfortable environment that promotes open communication. Be prepared if initial conversations may prove to be complicated.
  • Identify potential significant expenses such as weddings or college tuition(s) and applicable tax considerations.
  • Keep the plan running smoothly and ensure all participants remain committed to your agreed-upon


Collaborate With Us

Every family generational wealth strategy is different, and it’s an ongoing, fluid process.  Families are encouraged to utilize the IM Wealth Partners team’s resources and expertise to help design and manage their plan. With so many considerations, the process may not only become too complicated, but it may also be a sensitive subject among family members. Our holistic approach will incorporate all factors impacting your family for generations to come, leaving you highly confident and secure in your decision.


Get started with planning the financial future of your family by talking with us. Remember, we have a great team of people who are available to help you!

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