Case Study 1

Family A were not brought up with wealth themselves. They worked hard over many years and were able to create wealth to give them financial security and have since retired. Wealth preservation is important to this family, as they require the funds to provide for their retirement.

Having worked and lived in Asia for decades they were planning to relocate to another part of the world. Whilst they had an existing structure, they did not feel that it addressed their holistic succession planning needs to ensure a smooth transition of wealth to the next generation. In addition, the existing structure did not work for their destination country.

The family had experienced first hand the impact of disputes in the family, which can occur when wealth passes between generations. In this case it had led to a tragedy in the family and they wanted to avoid this for their own beneficiaries.

Legacy Wealth Advisors has been working with the family to tailor a bespoke succession planning solution for them. We spent a significant amount of time with the family to truly understand their needs and preferences. We helped with the selection of other professionals, including undertaking a trustee selection process to help identify suitable long term partners. We then coordinated with other advisors including tax advisors, insurance specialists, trust lawyers and trustees to tailor a solution to meet their long term requirements.We have overseen the implementation to ensure a smooth execution of the succession plan.

The family has also been working with our group company The Life Academy which has created a family wellness program to enhance family relationships and to support the wellbeing of individual family members and to prepare the next generation for being future wealth owners.

By working with Legacy Wealth Advisors, these clients have benefited from our independent advice and our expertise in wealth preservation and succession planning. The family now have robust structures in place giving them peace of mind that their wealth will be preserved and prudently grown and that they have a clear and effective succession plan for the future. Our unique holistic approach which combines wealth preservation, succession planning and family wellness has engaged the next generation and enhanced unity in the family.

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