The Wrench Fell in The Gears

As the founder of The Truesdell Companies, I am uniquely qualified to discuss the importance of estate planning and financial advisory collaboration, especially when it comes to addressing the kitchen table issues that affect high-net-worth entrepreneurs. With decades of experience providing advice and coaching on this topic, my team and I have witnessed firsthand the challenges and opportunities that arise when substantial wealth is transferred from one generation to the next.

The great wealth transfer currently underway in the United States is a prime example of why proper planning is crucial. As Baby Boomers pass on their wealth to the next generation, it is essential that the recipients are prepared to handle their newfound financial responsibilities. This is particularly true for young, successful entrepreneurs who have created their own wealth through hard work and innovation; however, many of these high-growth entrepreneurs are not prioritizing income and estate tax planning. This oversight can lead to significant needless bumps, gaps, and roadblocks. Having worked with an attorney for many decades who has a limited and focused practice and understands the need to work cooperatively with holistic estate planners, asset protection specialists, and financial advisors and managers, the path becomes crystal clear. Those who are professional but insecure, I call them the “BMOCs” (Big Man On Campus), are not with my time or a dime.

By design rather than chance, our clients maturely discuss and face head-on, their unique needs as high-net-worth entrepreneurs. And we’re blunt, direct, and waste no time. More than anything else, well, that’s what we are very good at and we don’t cotton those who are immature.

The creation of a personal board of advisors is a step in the right direction, as it provides a platform for sharing confidential information and insights needed to foster successful entrepreneurial success. And this approach is exactly what every pre and fully retired individual and couple needs.

The great wealth transfer presents both challenges and opportunities for high-net-worth entrepreneurs and their advisors, but those counting on a windfall from their parents may be shocked to learn how much it costs retire, especially in terms of long-term care. Navigating your entrepreneurial paths and the complexities of wealth accumulation through business development is never easy, but when the wrench of “parents in need” drops in, you’ll be darn glad you met and retained my firms.

Think About It