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What is the Family Wealth Protection Process™?

Heritage Wealth Counselors provides a new model for a family to follow for an orderly successful transition of their values along with their wealth to future generations. They, first and foremost, focus on a family’s values, not on the value of their assets.

Within their unique process are the following steps:

•  A Guided Discovery Interview
•  A Family Vision Statement is created
•  A Family Retreat is held
•  Team Planning and Estate Design takes place
•  The Plan is implemented and monitored on an ongoing basis

By first fostering a family relationship based on trust, communication and a unified view of family wealth goals and values, Heritage establishes a foundation on which to base the long term impact of a family’s wealth.

The Family Wealth Protection Process™ will:

  • Provide financial security for your family and your beneficiaries.
  • Reduce the impact of taxes.
  • Enhance family unity and provide peace of mind.
  • Prepare heirs to manage wealth effectively.
  • Make the next years of your life the best years.

What steps are contained in the Family Wealth Protection Process™?

There are primarily four steps that Heritage Wealth Counselors guide a family through.

The Guided Discovery Interview

The Guided Discovery Interview facilitates the client’s focus on goals, values and lifestyle choices adapted from their own experiences and family heritages. As a result, the client discovers what is most important to them and helps put into perspective short and long term family financial concerns and priorities. The Heritage Team uses this interview process to identify opportunities that will improve the client’s personal, family and financial well-being. It is also through this interview that the client puts into perspective their family and social legacies.

The Vision Statement

The Vision Statement is an outcome of The Guided Discovery Interview and as such reflects a meaningful and compelling vision of the family’s lasting pursuit of happiness, unity and shared values. The document elaborates on family history and reviews the chronology of family wealth along with identifying the legacy the family wants to create.

This document should create enough emotional energy to motivate and inspire family members toward a common pursuit of excellence as defined by the family’s values. This helps all members focus on a legacy for the future of the family. It can help a family understand its heritage and, likely, could provide a rationale for a family’s commitment to one another. It should describe what is special about the family and how the family can contribute to each other.

Team Planning and Estate Design

Our comprehensive team works together with all family advisors in developing and designing an estate plan that meets the family goals and values that have been identified during this process.

As a result of the new information developed through the Guided Discovery, Vision Statement and Family Retreat, most plans are modified and revised. Heritage Wealth Counselors works very closely in getting families to take into consideration the human, intellectual and financial capital in their estate and wealth transition plan. Heritage continues to work closely with the client’s advisory team to create the best plan for the family.

Family Retreat

This important meeting and event brings the family together and provides the opportunity to communicate on a facilitated informal basis with the younger generation. At this meeting, a discussion of family values takes place. There is opportunity to strengthen family commitments, set up a governance structure and identify the family leadership base.

The participants at this meeting provide a review of their values and the history of their accumulated wealth. It is at this event that the family Vision Statement is introduced. Family members are given the opportunity to assess the human, intellectual and financial capital of their lineage through discussions initiated during the Guided Discovery. At this time the unique resources of family members becomes apparent and ultimately guides the participants in determining who will sit on the Family Council where the charter and by-laws are created.

Sample Estate Plan