At Soltis, we work with a number of wealthy families. While some of their needs are the same as those faced by all of our clients – portfolio construction and management, tax planning, estate planning, etc. – we also help them with legacy planning. Legacy planning can ensure that future generations can effectively manage the family’s resources, helping future generations pursue what’s most important to them.

One of the first things we do is establish a Family Heritage Statement, which explains who the family is, how the wealth was created, and defines the family’s purpose and vision. At that point, we can help them develop a Family Constitution, which establishes the family council and their governing values, charitable initiatives, and in some cases, even a family bank.

The family council typically holds annual meetings to review the current year’s activities, what has been accomplished, and whether goals have been met. This is also a time to set goals and objectives for the following year. A family council might consider some of the following:

  • The status of existing or prospective loans made to family members for such things as starting businesses or buying homes
  • Updates on grants made by the family foundation to non-profits and status reports from grantee organizations
  • Issues related to family owned vacation properties, including ownership transfer to next generation, maintenance, renovations, etc.
  • Policies around in-laws, inheritance issues, prenuptial agreements (this is often a challenging topic, usually best addressed before difficulties arise)
  • Introduction of younger family members as meeting participants

While annual meetings are a time to come together for financial-related discussions, they can also be combined with holiday gatherings or family adventures, whether it’s outdoor experiences or exotic travel. Family councils can ensure continued freedom to pursue what’s most important. Schedule an appointment with Soltis Advisors to make sure your family’s wealth is secure and on track.