What is generational wealth? Assembling resources and assets from one generation to the next is what is meant by generational inheritance.
Generational wealth for many families starts with a family farm or business; it could also come from savings or inheritances.
This article will explore three generational wealth ideas: generational funds, family retreats, and legacy giving. We’ll discuss what they are and how you can use them to protect your generational wealth.
- Generational funds
- Family retreats
- Legacy giving
What are generational funds? Generational funds can be a great way to ensure financial stability for multiple generations of your family. In addition to being referred to as “dynasty trusts” or “generation-skipping trusts,” family trusts allow a family to retain significant control over assets.
Family Retreats: If generational funds work for multiple generations of a family, then it stands to reason that multigenerational retreats would too. In some ways, multigenerational retreats are like generational funds in reverse. We facilitate family time rather than putting assets together and letting the family as a whole manage them.
Legacy giving: Of course, generational funds and multigenerational retreats are just two options. Another way to protect generational wealth is through legacy giving. One of the best ways to do this is by establishing a charitable trust within your will or estate plan so that you can help give back after your life ends.
Many generational families struggle with the issue of generational wealth. There are three generational wealth ideas to explore: generational funds, family retreats, and legacy giving. Each of these has its benefits for your family’s future generations! If you want help exploring any of the options mentioned in this article or need assistance creating an estate plan, reach out to an estate planner.
