Building and nurturing wealth across generations is not just about asset accumulation—it's about creating a lasting legacy that benefits your family for years to come. At Dawson & Associates in Newfoundland and Labrador, we are dedicated to developing sustainable financial strategies that preserve and enhance your family's wealth over time.
Whether it's helping your children purchase their first home, transitioning the family business, or passing on a cherished vacation property, effectively transferring wealth requires careful planning and a deep understanding of your family's needs. Our expert team is skilled in creating financial plans that manage and transfer wealth efficiently and with great care.
The Great Wealth Transfer
With the transition of baby boomers to retirement, Canada is experiencing what is known as “The Great Wealth Transfer,” with approximately $1 trillion expected to be passed down by 2026. This represents the largest intergenerational transfer of wealth in the nation’s history. The current economic climate, characterized by high inflation and borrowing costs, has also prompted many to consider “gifting while living” to support family members in the present.
Key Factors Influencing Wealth Transfer:
Wealth Accumulation by Baby Boomers
This group has benefited immensely from rising property prices and stock markets, enhancing their capacity to transfer substantial wealth.
Increased Life Expectancy
With people living longer, wealth is retained longer, impacting when and how it is transferred.
Family Wealth Transfer Conversations
We recognize that discussing finances within the family can be daunting. Such conversations often don't take place, leaving beneficiaries unprepared for their future financial realities. At Dawson & Associates, we facilitate relaxed and constructive family discussions about shared values and goals. These conversations not only clarify everyone’s needs but also enhance family bonds and improve communication.
Topics Typically Covered in Family Discussions:
Inheritance
Strategies to distribute your wealth according to your desires.
Care for Loved Ones
Ensuring family members are looked after in your absence.
Legacy
How your life's work and values will be remembered and carried forward.
Wills and Wishes
Ensuring all legal documents reflect your intentions accurately.
Business Succession/Transition Planning
Smoothly transitioning business ownership.
Your Intergenerational Wealth Transfer Partner
Choosing the advisor for managing and transferring your wealth is crucial. Dawson & Associates is committed to helping you secure a prosperous financial future for your family across generations. Let us assist you in transforming your wealth into a lasting legacy.
Ready to ensure your hard-earned wealth benefits your family for years to come? Contact Dawson & Associates today to learn more about our intergenerational wealth transfer services. Our team is ready to help you develop a plan that not only meets your immediate needs but also establishes a robust financial foundation for future generations.