Lessons in Legacy, Chapter One: The Legacy landscape - Flipbook - Page 13
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It is notable that a younger generation are, in many instances,
thinking and talking very differently about wealth. There is
a shift around what ‘legacy planning’ means. Traditionally,
legacy planning entailed creating robust private structures to
preserve wealth, minimise tax and guard against improvident
behaviour from the next generation. Protections were built
in and the goal focussed upon further accumulation and
maximising returns.
The explosion in first generation wealth means more clients
are coming to discussions around succession and legacy without
having been born into a sense of obligation to safeguard wealth,
and views around ownership of capital generally can be quite
agnostic.
There is a greater sense of the responsibility that comes with
great wealth ownership, acknowledging that High Net Wealth
does not necessarily equate to High Net Worth for a family.
H AY D E N B A I L E Y, P R I VAT E W E A LT H PA R T N E R
C H A N G I N G A T TLESSONS
I T U D EINSLEGACY
TOWARDS LEGACY