Ask The CFP®: What Are The Most Important Parts Of Generational Wealth Transfer?

To see the full transcript from Travis and Kyle’s video, please see below.

Kyle : Welcome to this month’s Ask the CFP® segment. Today’s topic is an exciting one and you’re in for a treat as I have asked Travis Freeman to join me. We’re talking about generational wealth…..what it is, and the most important considerations to transfer that wealth.

Kyle: Travis, we work with clients from all walks of life. Each family has very specific goals for what they’ve built. And, in many cases, the financial resources will extend beyond their lifetimes. Ensuring that the assets pass on to the next generation as tax efficiently as possible is one of the most important conversations we have.

Travis: Yeah, you’re right Kyle. The first step in planning is putting together the right team. Wealth transfer is a complex process that requires several areas of expertise. As your financial planners, we help assemble your personal advisory team, which often includes your estate planning attorney, your CPA, and other professionals. Together, we coordinate the various tools that help accomplish your goals and objectives.

With your specific goals in mind, the team constructs the framework of how these assets will pass to future generations. This often includes various estate instruments, tax strategies, investment allocations, and more.

Kyle: True, and Travis, once the plan is created, it must be implemented. This means ensuring the estate documents are fully executed, accounts are funded, and proper documentation is in place. Too many times, we see that this step is only partially completed or there are gaps. Without a thorough follow up, even the best laid plan can fall apart.

Travis: Once the plan is designed and implemented, it’s important to have a conversation with the next generation to share your vision and intent for this planning. These can be challenging conversations, but without them, all of this work and planning can be worthless. Your Moneta team can help facilitate these discussions.

Remember, generational wealth planning is a task that is never fully finished. With estate laws, gifting and estate exemptions, and tax procedures constantly changing, what works today may not be the most efficient path in the future. This is why revisiting your plan annually is key to meeting your goals and objectives.

Kyle: Very true Travis. To wrap up, generational wealth transfer is a powerful and complex process. A lot of careful strategy and details are required for a well-executed plan. Your advisory team must be competent and work together to construct the plan…and then guide it through various future policy changes.

Travis: and we encourage you to share your planning intentions with those that will carry on the legacy.

Although planning to transfer your wealth effectively takes considerable effort …. if done properly, your family and community can be impacted for generations.

Kyle: If you have a question for a future ask the CFP segment, please send it to

Thanks for watching and we’ll see you next time.

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