Generational & Legacy Planning
Our wealth planning process is centered around those priorities that are of importance to your family. Our planning process and deliverables are fully integrated with our investment management services, governance & education curriculum, and coordinated around your family balance sheet to address your family’s needs for both the long and short-term as follows:
Family Planning Priorities
Lifestyle – Planning and tax-efficiency for your ongoing lifestyle cashflow needs.
Generational – Design and implementation of structures for the tax-efficient growth and protection of assets for today’s living generations.
Legacy – Development of your long-term planning aspirations to meet the needs of future generations and philanthropic passions.
Thanks to our limited number of clients and credentialed expertise, Biltmore Family Office delivers to each client family smart, sensible, and long-term stewardship of generational wealth through the active and ongoing delivery of the following:
Lifestyle & Cash Flow Planning
We consistently review and manage cash flow to meet the intricate spending needs of our families. This typically includes solution planning for annual and/or event driven family milestones.
We start our estate planning process by providing detailed reviews in both written and pictorial form based on the family’s current estate planning documents. We include planning points and considerations that we want to bring to the family’s attention where we identify provisions that do not align with the articulated objectives that the family has shared with us or where there are opportunities that we feel should be considered due to changes in family circumstances or legislation. Our review is done in close partnership with a family’s estate planning counsel, accounting team, and other trusted family advisors to facilitate the delivery of an integrated multi-generational plan.
In complex families, fiduciary roles are often filled by family members or non-corporate Trustees. These Trustees are selected because they know the family well, but families often do not want to burden the Trustees with the administrative obligations that are required of their role - what we affectionately call the necessary “care and feeding”. We collaborate with trustees and the family around their roles to ensure that the Trust requirements are addressed in a timely and proactive manner and to ensure education and preparedness of current and future beneficiaries.
Asset titling and insurance are one of the most important but often overlooked considerations with complicated family structures. We will provide a coordinated review of the various insurance policies that your family has in place and provide recommendations on any gaps in coverage. This review covers property & casualty, long-term care, medical, and life insurance policies. Additionally, we can advise on solutions that may be desired for your family related to comprehensive security protection services such as: crisis support, travel tracking and intelligence resources, and financial protection coverage for crisis events through our network of vetted service providers.
Income taxes are an important consideration in a family’s investment allocation and overall planning. We start by make thoughtful decisions around the choice of entity where investment allocations are made. We also work in close partnership with the family CPAs and other advisors around income tax planning opportunities, changes in tax legislation, as well as to provide an organized and secure exchange of information required for tax return preparation and quarterly estimated tax payments.
Philanthropy and charitable giving is often a priority for families of wealth. We work closely to help our families articulate their objectives and ensure that their planning documents reflect these intentions and provide assistance in the development and documentation of the family’s charitable mission, governance for philanthropic decision making, advice to assist in optimizing the impact of family giving, and best practices for engagement of younger generations in the family’s philanthropic initiatives.
Family Communication & Preparedness
We believe that key tenants to the multi-generational transfer of wealth are education, communication, and overall family preparedness. As such, we provide opportunities for customized financial education for family members, structured assistance in the communication of family wealth planning intentions, regular family meeting facilitation including assistance with the implementation of family governance protocols and decision-making processes for family members of any age and generation.