This client had recently sold a significant business. As he started to think about plans for the future his first priority was to make sure his family were secure and protected, but this was proving complex.
He had been married twice, and had children from both relationships. His older children (in their 40s) had grown up with little money and had never experienced the benefits of wealth, whereas his younger children (in their late teens and early 20s) were being educated in the best institutions and enjoying an affluent lifestyle. Another factor was that the older children had worked in his business for a number of years and had contributed to its success. He knew he couldn’t treat them all equally but wanted to try to treat them as fairly as he could.
We worked with our client to help him define his vision for his wealth, and what he hoped it would achieve, both in the current and future generations. We helped him think through the factors surrounding distribution. We also helped in consider the risks of wealth for the next generation, helping to create a platform that would ensure his children were using wealth as a springboard rather than a crutch.
Once his vision was clear, we were able to work alongside his accountants and other professional advisors to ensure mechanisms were structured and transitioned in a tax-efficient way.