It might be every hardworking Texas resident’s dream to create generational wealth that will keep their family supported for years to come. Even if you’re a millionaire, it still takes careful planning to create substantial generational wealth that will last beyond when you pass.
The exact estate plan that you set up will depend on what assets you have to your name and how much you want to leave behind. In general, though, there are some things that people who wish to leave enough behind to jumpstart a tradition of generational wealth can do with their estate plans.
What’s one of the biggest takeaways for estate planning?
Before you start estate planning, it’s important to be intentional with your planning. Generally, you can either plan around the family you have that’s living at the time of your estate planning or you can plan into the future.
Planning into the future might mean that your children might not get every penny of what you’re setting aside in your estate plan. It’s important to talk with them about your goals and about how this will impact them for decades to come.
Communicating with your family is the second biggest hurdle for your family. If you made your wealth mostly by yourself, your children or grandchildren might not know how to properly manage the wealth that comes their way.
For this reason, it’s important to communicate with your children and make them aware of all assets and all of the plans. It’s important to also tell them why it’s set up that way so they have a better understanding of how to manage their own estate plans for their own future generations.
What about the technical part of estate planning?
When you have a clear understanding of what you want your estate plan to look like, it’s time to reach out to a lawyer who will walk you through every step of the process. Depending on what your assets look like, your lawyer might also recommend options to grow your wealth over time while keeping it safe for future generations.