Family Wealth Assessment

Families who truly understand wealth tend to organise their family wealth with a business mind-set, with strategy, discipline and a collaborated mission statement. Your home is run with budgets, decisions and goals, your family wealth assessment should follow the same rules. Creating a vision for your family’s future wealth should be based on values, honesty and open communication, creating strength and success for a family’s financial future.

Family Wealth Assessment

Assessing your net worth:
By preparing a net worth statement your family will be able to assess your overall financial situation and assist you in making wise financial decisions. A net worth statement is a financial balance sheet, the total of your assets minus your liabilities, which will change continuously as your assets and liabilities change.

Tracking the value of your family’s net worth and returns on your investments:
Frequent family and financial consultant meetings can create strong relationships and establish a shared financial vision for the future. Together decisions can be made in order to decide whether or not to undertake an investment or to sell an investment that is no longer contributing to the family’s wealth.

Assessment of you insurance coverage and life policies:
Family wealth can change in an instant, so periodic reviews should be made of your insurance coverage. Evaluation and input from all family can produce financial rewards when determining how much short term or life insurance coverage you need. Is there enough coverage for family members to be financially stable is a question to be answered by all family members.

Assessment of Family Trust Tax structure for savings and efficiency:
New regulations and amendments are implemented by the Government on a continual basis in an attempt to combat tax avoidance. Taxation of trusts can be complicated so the structure of a family trust plays an important role in how the trust gets taxed. The Accounting Team can play a vital role by keeping things simple and avoiding complications, especially when it comes to offshore investment.

A Periodic Review of your will and testament:
Whenever you have a life changing event, extend your asset portfolio or increase your liabilities enormously, you should review your will and testament. Laws can and do change, so it is best to review your will and testament documents at least every three to five years making sure they remain effective and efficient at expressing your wishes.

Review and assessment of financial goals:
Reviewing your financial plan should be undertaken at least once a year or if you feel that your ROI’s and financial portfolios are under threat. Reconstructing your plan and goals should only be done for long term benefits and should only be undertaken if absolutely necessary. Smaller modifications to your future financial goals may allow you to feel more comfortable and in line to your family’s financial future.

A family’s financial success is of the utmost importance needing good planning, a strong timetable, administration staff and an open minded vision. It takes courage and determination to plan for the future as new approaches and strategies will change through the years. Creating a family that prospers beyond one generation takes time and energy but will bring a sense of security, closeness and excellent communication to any family.

Plan and Assess your Family's Wealth for Future Success with Professional Guidance

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