How often do we think about going one step beyond what’s required and making things into the bigger picture? That's my goal when I create any plans, whether its financial, retirement, estate or otherwise.
The truth is that most people have the best of intentions when it comes to their estate and lineage plan, but don’t appropriately follow through on the steps they should take to protect wealth for future generations.
The reality is that a traditional estate plan only has a 30% chance that the wealth will last into the second generation. Statistics also show that there is a 90% chance that the wealth will be lost by the third generation.
You might have heard that lineage planning is the solution to that problem, but you are concerned about the process and cost. Building a team of lineage professionals is the best way to approach your estate plan and your lineage plan from all aspects. Remember that not all advisors are created equal.
It’s my goal when creating my lineage plan to have a comprehensive team of experienced professionals who can provide me the guidance that I need to know that I have accomplished my goals with my lineage plan.
A typical lineage plan will involve three core competencies; an accountant, a wealth advisor, and an attorney. From there, the lineage team might be more complicated based on your individual circumstances and needs. For example, you might include a risk management professional, such as an insurance agent.