This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Values, Vision And A Promise: Atlantic Trust Says Family Legacy Planning Is About More Than Money

Stocks in this article: CM

Ethical wills are one tool that ensure not only the transfer of wealth, but also of important family values and ideals

ATLANTA, May 8, 2014 /PRNewswire/ - When it comes to the transfer of assets from one generation to the next, Atlantic Trust, the U.S. private wealth management division of CIBC (NYSE: CM) (TSX: CM), says the most important goal - and often the biggest challenge - in family legacy planning is defining values and priorities that will shape a family's future and protect their wealth.

"Family legacy planning is about more than money," says Judith Saxe, managing director at Atlantic Trust. "It's a way of helping parents discuss sometimes uncomfortable issues of wealth, estate or legacy planning with their children, especially if they're worried that wealth will destroy their children's motivation or desire to excel or match their parents' financial success."

Having intentional and purposeful conversations about the things that sustain and enrich the family - things that have little to do with material wealth - will help family members define not only what their assets are, but also what their wealth really means in the big picture, says Saxe.

After examining the family's assets, the first step in the legacy planning process is to develop a family mission or vision statement that spells out shared values and describes how the family's wealth should be used to support and further the family's legacy. Although this vision statement can evolve over time, it fulfills at the outset a primary objective that many first-generation wealth creators have when thinking about legacy: providing clarity and inspiration for the generations that will follow them.

"Each family will define those goals and values differently," says Saxe. "For some, it means ensuring the well-being of future generations, while allowing them to leave their own imprint on the family wealth. Others may wish to tell and preserve a story about how that wealth was built over time. Or, there may be a philanthropic component as a vehicle for preserving a specific philosophy or set of values."

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs