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ack of communication between wealth advisers and family members can result in technical problems, such as unintentional gifts, income tax issues or legal titling problems. Many of these can be corrected, but lost value or a missed opportunity is a potential consequence of each misunderstanding. The most common problems occur in the transfer of money, whether between the entities, between the family members or between entities and family members.
An annual review is a great way to ensure that transactions and arrangements are structured in the most advantageous manner. The adviser will generally analyze the financial records, the titling of new assets and the latest legal documents. Conducting the review annually enables the advisory team to identify issues in a timely manner and recommend modifications if needed.
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