GenBridge Framework
GenBridge has a framework to facilitate progress in creating a successful financial transition. Families differ, but common themes allow us to begin with a proven framework.
Family Values
What are the values that drive the family. What values are important to continue on to the next generation?
Beneficiaries
Who will be a part of or benefit what is left behind?
Assets
What are the assets? -and liabilities. Accounts, real estate, vacation homes, vehicles, etc.
Goals
What do we want to achieve? Provide for, support, etc.
Concerns
What could go wrong? -separation/divorce, substance abuse, entitlement, etc.
Desired Outcomes
What does success mean and look like?
Roadblocks
What could prevent the family from achieving the desired successful outcome?
Roadmap
What are the steps to take to make progress towards success?
Key Questions for your Family
Vision & Goals
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What is the vision for your family?
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What is important for this generation? -the next generation?
Protection vs Prosper
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Is your estate plan designed to protect you from the bad or prosper from the good?
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Are your trusts maximized for asset protection from bad actors, estate tax avoidance, and/or prosperity for your beneficiaries?
Governance
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What is the current & future governance structure?
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How are decisions made today?
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How will/should they be made in future generations?
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How do/will issues/disputes get resolved?
Taxes & Audit
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What taxes will you be paying?
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Income & Capital Gains tax, Estate Tax, etc.
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Do you know the amounts?
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Do you/will you have the cash available to make timely payments?
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Are you prepared for an Audit that will question your estate tax assumptions?
Beneficiaries & Investments
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Are the beneficiaries ready for what is coming?
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Do they have the skills, intellect, experience and maturity to make this a positive experience?
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How will investment decisions be made?
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Who will monitor investment performance?
Administration
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Who will administer everything? (Reporting, Taxes, Professional Relationships)
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How will everything be communicated within the family?