Change is the new Normal

You’ve probably noticed that change is the new Normal.  So just exactly where is Wealth and Estate Planning headed in the 21st Century?

How can you plan your future if the only thing that is constant is change? With the explosion of national debts over the past two decades, governments have begun hunting for new ways to tighten the screws on the individual ability to generate and keep private wealth. Regulation and reinforcement have become issues of prime interest globally severing national independence in the fiscal domain, and laws have undergone endless permutation.

In the private domain, the nuclear family has made way for the patchwork family, job security is dwindling and fueling recurrent profession change and instability, everything local has made way for standardization and uniformity typical of global systems.

And this is only the beginning.

So how will your wealth and estate plans fare in these turbulent times? Are they flexible enough to accommodate for change but solid enough to prevent leakage and inordinate taxation? Is your family wealth planning versatile enough to accommodate for the geographical, fiscal, cash flow and liquidity requirements of your family?

In an environment where everything is changing – you have no choice but to change as well.

The natural process of adaptation is key to the longevity of your wealth – and to the leanness and strength of your estate plan. It is a serious challenge to the trustees, to family communications and to the way in which reporting is done. The notion of hierarchy has been replaced by a more level perspective on the families “where next?” – and on that topic, how would you answer that question?