How to Build a Dynasty/Empire
In the U.S. today, are there generally declining interests in creating and perpetuating family wealth and fortune?
Consider for a moment these statistics:
• There has been a 210.9% increase in personal per capita income between 1959 and 2000!
• Over that same period personal savings rates have declined from 8.3% to 3.5%.
Couldn’t this could be interpreted as people losing interest in the financial fortune of those to come after themselves? At the very least, it could show unwillingness to plan for the exploitation of continual growth in a family’s income. As a trend, it could result in an absence of such growth in the fortunes of the society as a whole.
If this is true, why? Is it the result of the cultural revolution of the mid-twentieth century? By devoting an inordinate amount of income to sustaining our own personal lifestyle even in retirement (at the same level we have become accustomed to) is it an attempt consciously or unconsciously, to live into the ideal of individualism and self-sufficiency? Does such a decline threaten the future of the U.S. as a world economic power?
If all this sounds undesirable and if we were to become interested in promoting the accumulation and retention of wealth in a family, what are the basics? How do we build cultures?
Well for that we start with the “greatest generation” in our U.S. history; that being the folks who, during the 1940’s, 50’s and 60’s, built what we have now as a nation. From there we must continue to produce, hold and conserve wealth and prosperity. While those terms may sound like drudgery, this process could be fun and fulfilling. Imagine feeling as though you were building a family dynasty and even positioning your family to help form a financially stronger empire in the good old U.S.A.!
So how would we start such a noble undertaking? Like all other responsible pursuits in the material world, beginning early on is best. Of course, that means as early as possible; NOW. Simply put, we must put our estate into order early, build into it and amend periodically.
First, to put the estate in order two people should be consulted. Those are a financial planner and an estate planning attorney. Once a financial plan is put in place, you’ll advise your estate planning attorney of all your assets and who you will trust to carry out the estate plan once you (and your spouse) are gone or if either of you become incapacitated. The estate plan should include some component designed to build and pass on wealth not used during a fulfilling life, to the next generation. Throughout both the financial and estate planning process, a skilled tax advisor should be involved and should be providing guidance. Once the estate plan documents have been executed and all involved are aware of the plan, the stage is set for dynasty/empire building.
The rest is comparatively easy. As you progress through life and follow the opportunities that become available, assets that are accumulated are managed in accordance with the financial and estate plans that have been put into motion. With the relatively abundant incomes that are enjoyed by many in the middle class (as discussed above), this disciplined approach carried out consistently over time will result in a general increase in the wealth and prosperity enjoyed by the middle class for generations to come. What better way to guarantee the American Dream is carried to full potential?
If this concept of contributing to historical gains related to abundance and underlying wealth across our society inspires you, Law Offices of Dionisio Costales can help you to ENGAGE! Simply call at 805-404-0968 or email to email@example.com. We’d love to be a part of the dream!