InKnowVision August 2013 HNW Technical PPT - Family Banks

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One of the common themes that we continue to see among our clients is the idea that leaving too much money to children will spoil them. InKnowVision often employs the family bank concept to help people understand how they can re-gain control in this complex area. Join us as we look at this interesting concept and understand how to present it to clients, how to determine the client profile for this strategy and how to implement this type of planning.

Educação Economia e finanças Negócios

S C O T T H A M I L T O N
I N K N O W V I S I O N . C O M
8/21/2013Copyright 2013, InKnowVision, LLC
Family Banks

Why Look At Family Banks
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 Attorneys
 Money Managers
 Life Insurance
 CPAs

What Kind of Inheritances Are There?
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90 Day Inheritance
8/21/2013Copyright 2013, InKnowVision, LLC

Reliance Inheritance
8/21/2013Copyright 2013, InKnowVision, LLC

Family Banks
8/21/2013Copyright 2013, InKnowVision, LLC

Why Use a Family Bank?
8/21/2013Copyright 2013, InKnowVision, LLC
 Are there important life lessons to share with family
members?
 Successes
 Failures

Why Use a Family Bank?
8/21/2013Copyright 2013, InKnowVision, LLC
 Do you hope to extend your family legacy through
multiple generations?

Why Use a Family Bank?
8/21/2013Copyright 2013, InKnowVision, LLC
 Are you concerned that your heirs are not yet
prepared to handle the wealth you have
accumulated?

Why Use a Family Bank?
8/21/2013Copyright 2013, InKnowVision, LLC
 Have you built a net worth sizable enough to
capitalize on opportunities and benefit from wealth
regeneration?

Why Use a Family Bank?
8/21/2013Copyright 2013, InKnowVision, LLC
 Are there enough individual family members so that
together you could benefit from a broader exchange
of ideas and a more formal decision-making process?

Why Use a Family Bank?
8/21/2013Copyright 2013, InKnowVision, LLC
 Are you open to new ideas from your family
members and accepting that their wealth
regeneration strategies may differ from your own?

Why Use a Family Bank?
8/21/2013Copyright 2013, InKnowVision, LLC
 Do your children, grandchildren etc.
have entrepreneurial interests outside your core
family business that should be encouraged and
supported?

Why Use a Family Bank
8/21/2013Copyright 2013, InKnowVision, LLC
 Good source of credit – friendly loan officer
 Good terms
 Fixed rates
 No demand provisions
 No excessive collateral (unless beneficial)
 Less like a proctology exam

Steps to Success
8/21/2013Copyright 2013, InKnowVision, LLC
 Well-Defined Participation Process.
 Not all family members can be involved in
management.
 Be diligent in choosing who will manage.
 Use an application and interview process that
requires them to meet minimum age standards and
demonstrate applicable education and/or skills.

Steps to Success
8/21/2013Copyright 2013, InKnowVision, LLC
 Formal and predictable loan process
 Applications
 Appraisals
 Credit checks
 Standard loan terms and lending policies
 Think through what failure to re-pay means

Steps to Success
8/21/2013Copyright 2013, InKnowVision, LLC
 Evolving Leadership.
 Consider term limits that rotate members in and out
of family council positions.
 This encourages:
 Accountability and fresh thinking,
 Allows younger family members to become involved, thus
extending the success into future generations.

Steps to Success
8/21/2013Copyright 2013, InKnowVision, LLC
 Formal Communications.
 Passive family members don’t want to be in the dark.
 Have a reporting structure was much like sharing corporate
board minutes.
 Managers should meet periodically
 Managers should be transparent to all family members, who
can have a forum to provide feedback.

Learning from Mistakes
8/21/2013Copyright 2013, InKnowVision, LLC
 The wealth creator holds the reins too tight

Learning from Missteps
8/21/2013Copyright 2013, InKnowVision, LLC
 Failure to include multiple generations

Learning from Missteps
8/21/2013Copyright 2013, InKnowVision, LLC
 Dismissal of some viewpoints and an unwillingness
to consider unorthodox thinking

Approaching Family Bank
8/21/2013Copyright 2013, InKnowVision, LLC
 How long did it take to create your wealth?
 How fast would you like to see it spent after you are
gone?

50 – 50 Option
8/21/2013Copyright 2013, InKnowVision, LLC

Family Bank
Borrower/
Beneficiary
Family Bank
Borrower buys
assets
Loan
8/21/2013Copyright 2013, InKnowVision, LLC
•Business
•Houses
•Education
•Charitable

Family Bank
8/21/2013Copyright 2013, InKnowVision, LLC
 Asset protection for assets collateralized by loans

Family Bank-Asset Protection
Beneficiary
Beneficiary's
Net Worth?
$0
Family Bank
Beneficiary buys
assets
Loan
8/21/2013Copyright 2013, InKnowVision, LLC
Assets pledged as
collateral for loan

Structures for Family Banks
8/21/2013Copyright 2013, InKnowVision, LLC
 ILITs
 GDOTs
 QPRTs
 GRATs
 Jurisdictional Trusts
 LLCs, LPs

Assets To Fund Family Bank
8/21/2013Copyright 2013, InKnowVision, LLC
 Exemption Gifts
 Leveraged Gifts
 Life Insurance
 Family Business

Questions
8/21/2013Copyright 2013, InKnowVision, LLC

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James is 64, and a few years ago started up a Consulting Company (Consulting Corp) with his business partner Dave. They have acquired some lucrative contracts over the last couple of years, and after spending frugally his entire life, James is starting to enjoy his newly created wealth. James is divorced and makes alimony payments in the amount of $100,000/yr. on top of his $500,000/yr. in living expenses. Because the wealth and income generated by the company is recent, James has not accumulated much in the way of liquid assets yet, but the company value is significant and future profits look very promising. The primary planning goals are to: Make sure that he has sufficient funds to live on for the rest of his life (approx. $600,000/yr., including alimony, after taxes and gifts). Reduce income taxes. Maximize the inheritance that he leaves to his children and grandchildren. Consider passing his business interests to his children involved in the industry while providing an equal inheritance of non-business interests to those that are uninterested. Assure that he has sufficient liquid assets available at his death to eliminate the forced liquidation of his business assets. Eliminate or reduce estate taxes.

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12. Why Use a Family Bank? 8/21/2013Copyright 2013, InKnowVision, LLC  Are there enough individual family members so that together you could benefit from a broader exchange of ideas and a more formal decision-making process?

13. Why Use a Family Bank? 8/21/2013Copyright 2013, InKnowVision, LLC  Are you open to new ideas from your family members and accepting that their wealth regeneration strategies may differ from your own?

14. Why Use a Family Bank? 8/21/2013Copyright 2013, InKnowVision, LLC  Do your children, grandchildren etc. have entrepreneurial interests outside your core family business that should be encouraged and supported?

15. Why Use a Family Bank 8/21/2013Copyright 2013, InKnowVision, LLC  Good source of credit – friendly loan officer  Good terms  Fixed rates  No demand provisions  No excessive collateral (unless beneficial)  Less like a proctology exam

16. Steps to Success 8/21/2013Copyright 2013, InKnowVision, LLC  Have a clear family vision.  Determine mission and family “brand” before setting up a Family Bank.  Know how you want to be perceived by the community and extended family.  Be explicit about what you want to accomplish.

17. Steps to Success 8/21/2013Copyright 2013, InKnowVision, LLC  Well-Defined Participation Process.  Not all family members can be involved in management.  Be diligent in choosing who will manage.  Use an application and interview process that requires them to meet minimum age standards and demonstrate applicable education and/or skills.

18. Steps to Success 8/21/2013Copyright 2013, InKnowVision, LLC  Formal and predictable loan process  Applications  Appraisals  Credit checks  Standard loan terms and lending policies  Think through what failure to re-pay means

19. Steps to Success 8/21/2013Copyright 2013, InKnowVision, LLC  Evolving Leadership.  Consider term limits that rotate members in and out of family council positions.  This encourages:  Accountability and fresh thinking,  Allows younger family members to become involved, thus extending the success into future generations.

20. Steps to Success 8/21/2013Copyright 2013, InKnowVision, LLC  Formal Communications.  Passive family members don’t want to be in the dark.  Have a reporting structure was much like sharing corporate board minutes.  Managers should meet periodically  Managers should be transparent to all family members, who can have a forum to provide feedback.

InKnowVision August 2013 HNW Technical PPT - Family Banks

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InKnowVision August 2013 HNW Technical PPT - Family Banks