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Life insurance | Succession | Intergenerational Wealth Transfer
Inter-generational wealth transfer can be challenging on its own, and being a global citizen only adds to the complexity.
Research shows that senior members of HNW families have concerns around delegating the management of their businesses and investments, as well as the next generation’s ability to manage these family assets.
Wealth over $15 trillion is estimated to be transferred to the next generation by 2030. This poses a very important question to HNW individuals like yourself…
Many families in the region are generally underprepared when it comes to succession planning, with merely 25% of wealthy family businesses having any kind of wealth transfer strategy in place.
The financial consequences of not having a plan in place can be devastating to not only you, but your loved ones.
So how can you best build a plan that ensures financial security and longevity of wealth?
Like building anything, you begin with a solid foundation. And when it comes to preserving wealth and protecting legacy, there is no stronger foundation than life insurance.
Consider this common recipe for a family feud, seven members inherit an equal share of a business, but four want to sell, and the other three wishes to retain ownership. Life insurance allows the three family members with an interest in maintaining the business to inherit the asset, while the other four members are provided with an equivalent cash value from the universal life insurance policy.
If this isn’t reason enough, here are five more reasons why you need a life insurance policy…
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