Multigenerational Transfers

The Whittier Trust Company recognizes that many families face issues when dealing with multigenerational wealth transfers.  Each situation is unique and requires an individualized approach to accomplish specific goals and objectives. Our approach uses a team of specialists with expertise in the various aspects of financial, trust, tax and estate planning to work very closely with family members and their advisors during the entire planning and transition process.

One of the most critical issues facing wealthy families today is how to prepare future generations for the responsibilities that will come when the family's wealth is transferred to the next generation. Some of the important issues we often confront include:

• How much wealth should be passed to the next and subsequent generations?
• How best to structure the transfer of wealth?
• What is the appropriate age for members of subsequent generations to have access to their inheritance?
• What will the gift, estate, and generation-skipping transfer tax consequences be on the transfer of wealth to subsequent generations.
• How best to minimize the tax costs?
• How to transfer assets to charitable organizations?