PROFESSIONALS OFFER OBJECTIVE, QUALIFIED SERVICES. Relying on professional advice as opposed to family and friends is extremely important when making decisions affecting the accumulation, preservation, and distribution of wealth. What should you expect from a qualified professional? A good wealth advisor -- or a team with other professionals, such as attorneys and accountants -- should offer guidance and services in most areas of wealth management, including estate planning, retirement planning, insurance needs assessment, and college planning. On a more personal note, a wealth advisor should work closely with you to:
+ Identify areas requiring special assistance, such as creating trusts.
+ Minimize taxes and planning costs. + Develop and implement a personalized wealth management plan.
+ Review your plan periodically and suggest changes when needed.
PHILANTHROPY IS INTEGRAL TO FAMILY LEGACY PLANNING. Wealth holders have a greater opportunity -- if not responsibility -- to make charitable giving an integral part of the legacy planning process. Families that are charitably inclined may have clear goals in mind, but they may not know where to begin. In order to choose the best strategy, you should work with a trusted advisor to evaluate a number of factors, such as tax management objectives, types of assets to be gifted, and your specific strategic intent. Then choose from among a range of charitable giving vehicles, such as donor-advised funds, family foundations, gift annuities, and charitable remainder trusts/charitable lead trusts.
CHILDREN SHOULD LEARN ABOUT THE RESPONSIBILITIES OF WEALTH. Wealth is a gift that opens doors of opportunity not only for you, but also for your children, their children, and generations to come. Yet wealth can be a weighty responsibility that takes time to manage, maintain, and preserve. If you are a parent, you are no doubt concerned about the effects of wealth on your children’s values and how the “money” lessons you pass on to them will resonate as they mature to adulthood.
FAMILY VALUES SHOULD BE HELD IN THE SAME HIGH REGARD AS FAMILY WEALTH. Family values -- those traits, behavioral patterns, beliefs, goals, and morals that are shared by members of a family group -- define a family’s character as much as dollar signs measure a family’s wealth. By holding shared values in high regard and setting an example of commitment to financial responsibility, philanthropy, and volunteerism for the younger generation, you will enrich your family’s legacy for generations to come.
A WOMAN’S WORTH As stewards of the family legacy, women are in a unique and influential position. They are holders of great wealth as well as keepers of the family’s moral and philanthropic vision. There are many financial, accounting, legal, and business tools to assist women in implementing a plan of action. Contact your financial advisor for guidance in mapping out a legacy planning strategy unique to your situation.
Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Smith Barney Financial Advisors do not provide tax or legal advice. This material was ot intended or written to be used for the purpose of avoiding tax penalties that may be imposed on the taxpayer. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.
The author(s) and/or publication are neither employees of nor affiliated with Morgan Stanley Smith Barney LLC (“MSSB”). By providing this third party publication, we are not implying an affiliation, sponsorship, endorsement, approval, investigation, verification or monitoring by MSSB of any information contained in the publication.
The opinions expressed by the authors are solely their own and do not necessarily reflect those of MSSB. The information and data in the article or publication has been obtained from sources outside of MSSB and MSSB makes no representations or guarantees as to the accuracy or completeness of information or data from sources outside of MSSB. Neither the information provided nor any opinion expressed constitutes a solicitation by MSSB with respect to the purchase or sale of any security, investment, strategy or product that may be mentioned.
Article written by McGraw Hill and provided courtesy of Morgan Stanley Smith Barney Financial Advisor Michael A. Wills. Morgan Stanley Smith Barney LLC. Member SIP. CRC# 388887 10/11
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Douglas K. Reller 813.227.2121
fa.smithbarney.com/reller
Michael A. Wills 813.227.2089
fa.smithbarney.com/wills
Morgan Stanley Smith Barney Financial Advisors 100 North Tampa Street Suite 3000, Tampa, FL 33602
© 2012 Morgan Stanley Smith Barney LLC. Member SIPC.
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