Home Life Insurance 8 Wealth Planning Insights From a Enterprise and Property Lawyer

8 Wealth Planning Insights From a Enterprise and Property Lawyer

8 Wealth Planning Insights From a Enterprise and Property Lawyer


As a accomplice for DGIM Legislation and an adjunct professor for the College of Miami College of Legislation, Monique Hayes is named an skilled enterprise legal professional with the advantage of expertise in each personal and public apply. She additionally has a fame as a troublesome litigator.

As Hayes lately advised ThinkAdvisor, this background offers her with a broad understanding of the enterprise and financial panorama. She has been known as on by shoppers to deal with a number of the most advanced issues concerned in enterprise possession transitions, legacy planning and household inheritance conflicts.

As we speak, Hayes facilities her apply on wealth preservation and safety — together with company restructuring, enterprise succession and property planning. She says a balanced method and an modern mindset are important to success on this area, and he or she usually offers results-driven counsel to principals, fiduciaries, and for-profit and non-profit companies concerned in industrial transactions, litigation and succession planning.

What Hayes enjoys most about her apply, she says, is “witnessing, and infrequently serving to, the American dream be realized.” Most of her shoppers are entrepreneurs, she defined, so she will use her abilities and experience to assist them to construct, restructure, increase and switch their companies. In a phrase, Hayes mentioned, the job is “inspiring.”

Within the current interview, Hayes spoke about how monetary advisors, attorneys, tax consultants and others can collaborate to assist their shoppers thrive — even when advanced planning challenges and deep questions in regards to the which means of wealth stand of their manner.

See the accompanying slideshow for eight wealth planning insights:

1. Wealth can carry households collectively and drive them aside.

Hayes began her authorized apply as a chapter lawyer.

“This gave me a front-row seat to find out how people and households purchase wealth over time,” she recalled, “and the way they’ll lose wealth because of challenges of their enterprise or within the economic system.”

One clear takeaway from the work, Hayes mentioned, is that rising wealth can carry households collectively or drive them aside. The latter consequence is made extra doubtless when households don’t talk truthfully about what wealth means and the way it ought to circulation by the generations.

“That problem performs out in numerous methods,” Hayes mentioned. “I simply received out of a litigation case that concerned a household dispute over the possession of a enterprise. We received the litigation, however it’s nonetheless unlucky to see households preventing in court docket. You’d be stunned how simple it may be for battle to come up if households don’t have a plan.”

2. Empowering ladies as wealth homeowners is crucial.

As Hayes famous, it’s common for wealth managers to debate the transition of wealth from child boomers to millennials and Gen Z, however the fact is that one other nice wealth switch can be enjoying out.

“Everyone knows the stats that present child boomer ladies reside longer than their male spouses, so earlier than we’re seeing the transition of management of wealth throughout generations, we’re first seeing a transition of wealth throughout genders,” Hayes defined. “We want to verify ladies are ready to inherit wealth and are empowered.”

Hayes mentioned she has been notably impressed by the examples set by the likes of Melinda Gates, MacKenzie Scott and, most lately, Ruth Gottesman. The philanthropic work of those and different luminaires has put a highlight on vital points, akin to supporting extra individuals of colour within the medical area.

3. Even tight-knit households want a plan for wealth transitions.

Requested in regards to the keys to profitable wealth transitions inside households, Hayes mentioned it’s important to create an actual plan — one that’s totally understood and agreed upon by all events concerned.

It can doubtless take time to set out the parameters and generate buy-in, she warned, so it’s additionally important to begin conversations early and let the plan transfer from the dialogue section to the documentation section naturally however deliberately.

The worst outcomes — akin to bitter litigation and household battle — typically outcome from first-generation wealth creators burying their head within the sand and making no planning effort earlier than one thing like a well being episode or a demise forces an possession transition.

4. Hopes and expectations don’t make an actual transition plan.

“The opposite factor is that it’s a must to take into consideration is the truth of the individuals throughout the household, and the individuals throughout the group that’s present process an possession transition,” Hayes mentioned. “As an advisor or legal professional, it’s a must to push your shopper and get them to suppose truthfully in regards to the actuality of who can take over and run the corporate into the long run.”



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