The Family Wealth & Unity Plan

The goal of this plan is to strengthen and unite families who wish to keep their wealth and family together for generations to come.
Our plan includes two parts:
  1. A specially designed multi-generational trust with no end date. This trust has many special features. It is creditor-proof, never pays tax, and never loses money.  It grows at between 4 and 5% and can be left to compound for generations, only to be used for specific things like special health care, education or to promote other family activities.    This Enduring Family Wealth & Unity Trust (EFWUT) becomes a family jewel for future generations.  As such it’s your children’s and then their children’s responsibility to collectively ensure its security as well as its purpose as society changes. Simply stated:  We use money as ‘family glue’, instead of a reason for competition or resentment.  The EFWUT opens the front door for the family to begin working together for a very real and significant common goal.
  2. A ten year Family Wealth & Unity Coaching Program accompanies the EFWUT. Each year we will facilitate one family business day, and start at least one new family initiative. An important goal is to enhance communication and trust so the children, cousins, nieces and nephews will all work and play together through many generations.  After ten alignment days and years of family unity projects and initiatives, you will have many positive traditions to help propel your family forward.   Within the next ten years your family’s patriarch and matriarch will pass control to children as their roles change to that of respected council.  In turn someone from within the family will be more formally trained to replace us as your guide.  Your family will continue to hold Heritage Days and family council meetings.  Most of all, they will continue to understand what is required of them to maintain a united multi-generational family.
We will not engage in the first part of the plan without the family’s commitment to the second, and visa versa, for these important reasons:
  • The ongoing training validates the true non-tax and non-creditor proofing reason for the trust structure as “creating family unity”.  This is important because over time, everything this good is scrutinized by the CRA.  The General Anti-Avoidance Rules basically state that if the only reason you are doing something is to save tax, and there is no other purpose, it can be attacked.  There are also rules in place which prevent you from creating a structure for the sole purpose of protecting yourself from creditors.  These two properties are what make the EFWUT so strong.  Without evidence that you are in a Family Wealth & Unity Coaching Program, this work may be challenged, which we cannot allow.  (One note on CRA, if necessary, the trust can also leave the country without paying tax.)
  • The greatest challenge to a Family Wealth & Unity Coaching Program is that there is no defining reason to start. Once started, without a shared and significant tangible benefit for children to stay committed, enthusiasm can die along with the family’s dream of survival. The Enduring Family Wealth & Unity Trust is a significant shared inheritance that overcomes both of these problems.  If they don’t show up, they don’t get a say in what the family does with the money.  The EFWUT is the glue that leads to trust, understanding, family unity and strength.
Your family will continue to meet every year for a big family reunion, with lots of bonding, education, collaboration, and closeness that can only grow in person, over time and with clear intentionality. They will share recipes, collaborate on business ventures, organize fun events or serve on a family committee.  They will stay united, wealthy, and wise.  The family’s EFWUT will eventually have significant wealth, so as the family quite literally multiplies, the fund will keep pace on a per-family-member basis, to always keep up with the family’s needs.  All future members of your family will understand the value you have given them, as well as its purpose.

 

 

To see if The Family Wealth & Unity Plan is right for you, ask yourself the following, “Do I need this?” then click the following link –  Family Wealth & Unity Decision Flowchart 2017
Next, ask yourself, “Do I care enough to do this?”  If you answer yes, then click the following link to take our short assessment – The Family Wealth & Unity Assessment 2017
Your next step, is to call Markewich Financial to discuss how to get started.