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An essential part of running a family business is leaving a legacy for family, employees and the community. Comprehensive estate planning is necessary to sustain and grow a legacy, as well as to navigate the transition. Our partners at BNY Mellon Wealth Management have developed a framework to help manage through a successful business transition. BNY Mellon Wealth Management is a critical sponsor of the work done by Family Enterprise USA.
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Wealth management revolves around successful planning. At BNY Mellon Wealth Management, planning is carried out through each of the five practices within our Active Wealth framework: investing to maximize compounding; borrowing strategically; spending dynamically; managing taxes; and protecting legacy.
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The “protect” practice, which is centered on safeguarding one’s legacy, comprises the most critical elements of planning. It is essentially a roadmap to create sustainable, multigenerational wealth to support an individual’s family, values and philanthropic interests. Because it spans multiple generations, this requires a significant amount of planning, both financial and non-financial, to protect assets against unintended consequences that would otherwise threaten long-term goals.
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Tax efficiency can help lessen the impact that federal, state and local taxes have on income, estates, capital gains and property. While tax-efficient investing helps to combat costs in the short-term, there are other strategies that should be considered to mitigate costs over generations. We can help with business succession planning, wealth transfer and tax mitigation strategies, next generation education, and much more.
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About BNY Mellon Wealth Management
For more than two centuries, BNY Mellon Wealth Management has helped families build, manage and preserve their wealth. Our specialized teams have the tools, knowledge and experience to develop comprehensive solutions for our business owner clients that address each client’s personal financial objectives and family dynamics, as well as issues specific to his or her business. For business owners considering a family office, our dedicated Family Office team brings more than 50 years of experience providing solutions and strategic insights to help family offices grow and preserve wealth across generations. For more information, visit www.bnymellonwealth.com or follow us on Twitter @BNYMellonWealth.
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Please stay safe and healthy,
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pmsoldano@family-enterpriseusa.com
712 H Street NE Suite 1330
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We hope you’ve enjoyed this article. While you’re here, we have a small favor to ask…
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As we prepare for what promises to be a pivotal year for America, we’re asking you to consider becoming a member.
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The need for fact-based reporting of issues important to multi generational businesses and protecting a lifetime of savings has never been greater. Now more than ever, multi generational businesses and family businesses are under fire. That’s why Family Enterprise USA is passionately working to increase the awareness of issues important to generationally-owned family businesses built on hard work, while continuing to strengthen our presence on Capitol Hill.
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About Family Enterprise USA
Family Enterprise USA advocates for American Family business. We help family businesses communicate their challenges and contributions to American economic freedom to Legislators. We represent all American family businesses; not just specific industries and provide research to enhance the opportunity for success. We help family businesses continue to establish their unique business legacy. Family Enterprise USA is a 501(c)(3) non-profit organization.. Family foundations can donate.
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Have questions or would like more information about becoming a Member or donating? Please contact John Gugliada at jgugliada@family-enterpriseusa.com.
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Family Enterprise USA Sponsors
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