How the Ultra Wealthy Build Generational Legacies

Guest:

Matt McClintock, Founding Partner at Evergreen Legacy Planning

To learn more on legacy and estate planning, visit Lumida's website (http://www.lumida.com/) or reach out at [email protected]

Key Topics Discussed:

Estate planning for ultra high net worth individuals and families
Managing and distributing wealth across generations
Using trusts, private trust companies, and international jurisdictions for privacy and asset protection
Planning with digital assets like cryptocurrency
The human side of wealth planning
Philanthropy and legacy planning

Key takeaways include:

Start planning early - Even young clients should begin conversations on values, legacy, and preparing heirs. Surprises like crypto gains can accelerate timelines.
Family first - Effective planning provides guardrails for heirs and gives them space to grow into decision-making roles over time.
Offshore and out of sight - Carefully selected offshore trusts and foundations can provide privacy, security, and jurisdictional diversification. But expect enhanced due diligence.
Philanthropy builds bonds - Giving heirs charitable projects fosters maturity and purpose. Donor-advised funds provide flexibility.
Expect the unexpected - Crypto created new intricacies for estate planners. Other emerging trends will follow suit. Stay nimble.

Time Stamps:

- (01:19) Matt introduces himself and provides background on his law firm, Evergreen Legacy Planning

- (11:50) An anecdote about a client who unexpectedly inherited millions in Bitcoin

- (17:54) The loneliness and isolation that can come with sudden wealth

- (20:40) Estate planning considerations with cryptocurrency

- (27:37) When private trust companies start to make sense based on assets under management

- (33:15) How to maintain privacy when using entities like LLCs

- (37:44) The privacy risks created by new laws like the Corporate Transparency Act

- (42:49) The education required when working with international custodians on complex planning

- (45:20) Using offshore trusts and foundations for jurisdictional diversification

- (52:48) The due diligence required by international custodians, especially with crypto assets

- (56:06) Educating custodians on the origin and provenance of long-held crypto assets

- (59:15) Bringing the next generation into legacy planning conversations

- (01:04:03) Getting children involved in charitable giving

- (01:08:29) When donor-advised funds stop making sense compared to private foundations

- (01:11:11) Starting dialogues with clients about their vision for their legacy

- (01:14:47) How Matt thinks about his own legacy

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