Morgan Lemaitre, CFP, Owner & Founder of Park City Wealth Advisors shares her personal journey with wealth transfer:
"We think about generational wealth a lot in our family. In fact, unlike many families, we talk about it together too.
We’ve had family homes in our family since 1887 in upstate New York, in the beautiful Adirondacks. When the railroad first started heading upstate NY, our family joined many others flocking to escape a hot and humid summer in the city and cool off in the mountains.
It was here, that our family found a small artist community in Keene Valley, New York and started searching for the ‘perfect’ piece of land along a stream, with mountain views, and not too far from town and the social scene of the era.
A few summers later, my ancestors found the perfect spot and built a home big enough for the entire family to spend the summer. As children grew into adults and had families of their own, they wanted a spot to call their own on the land as well, thus additional structures were added over the years. In addition to Hills Main, a small structure called the ShoeBox became my Great Great Aunt Sarah’s studio where she hosted performances, plays, and painted. Then there is Hills Garden, a beautiful Garden house, a Cabin that is partially winterized, an Italian Chalet, and a Japanese TeeHouse.
The homes were passed down a few generations, then in the 1960’s Hills Main was sold, it was too much property to maintain. The remaining structures were split in the 1980’s in half (right down the stream that runs through the property) with my great uncle inheriting Hill’s Rock, and my grandmother inheriting Hills Garden. For the next 40 years, it was where my grandparents, our family and our cousins would come and spend the summers. My dad would come back and forth while working in Chicago, and the children and moms would hike, bbq, and play in the rivers. It was truly magical.
Then in 2023, my grandmother passed away and left the home jointly to her 3 children. Some children with more financial means than others to be able to maintain a 150 year old property, and some with different ideas on what comfort means. Our family is at an inflection point. Should my parents generation decide to pass this down to my siblings, cousins, and I, there would then be 8 owners all over the United States, with different ideas about how to use the property and families of our own.
Thus, the discussion of who would like ownership, what the cost are, and how one can place a value on something with so much intrinsic meaning to our family occupies many family conversations at the nightly dinner table.
For my siblings and I, we have grown up knowing how beautiful a childhood can be to be flocked by family, however, we also have witnessed families torn apart by an inheritance so well intended, without transparent discussions around who has the means, the desire, and ability to inherit this type of a legacy.
As we talk about generational wealth, setting and managing expectations around what to expect, what not to expect, and what is expecting from them is an essential conversation to have starting with family members at a young age.
Here are some tips on how to get started."
Park City Wealth Advisors: Your Family Wealth Counselors in Park City, Utah
At Park City Wealth Advisors, we specialize in helping families navigate the complexities of generational wealth transfer.
Preserving and growing wealth across generations is a deeply personal and intricate journey. Our team of family wealth managers is here to provide tailored strategies and expert guidance to ensure your financial aspirations become a reality.
Whether you are a seasoned investor looking to pass on your legacy or a young heir preparing to steward your family's wealth, our experts are here to help.
Generation Wealth Transfer
“The Great Wealth Transfer” projects that an astounding $73 trillion will migrate from the hands of Baby Boomers to their respective heirs by 2045. What is the best way to go about this transfer? Park City Wealth Advisors can help.
Generational wealth transfer is more than just the transfer of assets; it is about values, knowledge, and a sense of responsibility to future generations.
As family wealth managers, Park City Wealth Advisors recognize the importance of fostering open communication and creating customized plans that align with your family's unique goals and aspirations. Our holistic approach considers financial objectives and the broader impact on your family dynamics and legacy.
Family Wealth Managers
Passing on your legacy involves careful planning and consideration to ensure a smooth and tax-efficient transfer of wealth to future generations.
We work closely with you to develop tailored strategies that safeguard your wealth against market volatility, economic uncertainties, and unforeseen challenges.
From estate planning and trust administration to philanthropic strategies and generational wealth education, we provide comprehensive solutions to help you preserve your family's values and traditions for years to come.
Park City Wealth Advisors and Your Family's Generational Wealth
With decades of experience and a deep understanding of wealth management strategies, our team is committed to delivering comprehensive solutions for generational wealth transfer.
Whether you seek to minimize tax implications, establish trusts, or implement philanthropic initiatives, Park City Wealth Advisors leverages our expertise to provide innovative strategies tailored to your needs.