Value Added: Wealth Transfer Planning & Next Gen Preparation

You’ve worked your whole life to provide for your family, and you want to ensure they are taken care of after you’re gone. But passing on that wealth can be nerve-wracking. An inheritance has the potential to alter lives and cause major tension. How can you set up your successors for success?

That’s where wealth transfer planning comes in. A successful wealth transfer plan passes on more than just wealth—it imparts core values, which help dictate how that money is used and gives inheritors the tools to thrive. The best plans educate inheritors over many years, and so we’ve invited a guest who has specialized in wealth transfer for many years: Felix Meneses, Senior Vice President and Dallas Market Executive for Cadence Bank’s Trust and Asset Management.

On our final episode of Season One, we’ll cover the core financial values that you need to impart to your children, age-appropriate activities to instill those values, and how to structure your plan to reflect those principles. Felix will also share how to construct your team of advisors and how corporate governance can help you avoid family disputes.

Join us as we finish out our season in style, transferring a wealth of knowledge to you!

Highlights:

● What is wealth transfer? (2:39)

● Identifying priorities (4:19)

● Core values: Stewardship, Philanthropy, Entrepreneurship (6:05)

● How to talk to your kids about money (9:27)

● Age-appropriate financial education (11:14)

● Fun teaching activities for young kids (12:29)

● Wealth transfer structures (15:23)

● Keys to a good plan: A team of advisors (16:47)

● Keys to a good plan: Corporate governance structures (19:03)

● Creative ways to implement family corporate governance (20:44)

● Executing the plan (22:12)

● Inheritor responsibilities (23:41)

● The importance of communication (25:59)

Links:

● Cadence Bank Website

● Cadence Bank Twitter

● Cadence Bank LinkedIn

● Felix Meneses LinkedIn

● Cadence Bank – Trust & Asset Management

● Cadence Bank – Wealth Empowerment Program

● Cadence Bank – Philanthropy Services

Feedback:

If you have questions about the show or topics you'd like discussed in future episodes, email our producers, sheena.cochran@cadencebank.com or danielle.kernell@cadencebank.com.