Copper Beech Trust

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In Episode 21, We discuss about how to choose the right trustee for my family’s trusts?

In this episode, we talk about how wealthy families choose the right trustee for their family’s trusts. This is a very important topic because a family trust, can have a very big impact – either positively or negatively – on how the family flourishes.

One of the biggest considerations when setting up a trust is in choosing the right trustee. The correct trustee can make all the difference for your beneficiaries. Not only do they oversee the gifts you had put in structure, a good trustee as an individual, plays a very crucial role in the guidance for the beneficiaries maturity.

Listeners will gain an understanding how to seize moments to teach their children about money matters and to use the right words as well. 

In this episode, listeners will take some time to reflect on their current work, be it paid or unpaid and to identify the qualities they have applied to contribute to its current stability. 

In this Episode, we talk about the factors to think about for wealthy grandparents who wants to leave behind their wealth for their grandchildren.

Listeners will gain an understanding of friendships when one party is wealthy and how to keep that friendship real and genuine 

In the episode, listeners will have a clearer picture of why they choose their advisor and if they don't have one today, what are some things to look out for

Listeners will gain an understanding about their role and responsibilities as a beneficiary especially if they are one themselves today. 

29 April 2020

Communication & Resilience is Key to A Successful Wealth Distribution

In this Episode, we talk why:

• Having a good and open, and honest communication is Key to A Successful Wealth Distribution
  

Here’s a scenario. A successful and wealthy father wanted to give his son a gift that is worth several million dollars. The son, who is a very ambitious and hardworking son, had recently started his own social enterprise start up. He wants to make the world a better place. And, this large sum of money could possibly have made a huge difference in the son’s business, potentially change the world and definitely help in his son’s standards of living.

In this case, what should the father do? Should the father A) give him the money as a gift, or B) Have a conversation of his and his son’s wishes, OR C) let the son figure it out himself so that he can go through the required struggles which the dad himself had gone through so that when the rewards that comes with it would be much sweeter?

Parents with wealth are often faced with difficult choices as they not only not want to spoil their child, but many also do not want to see them suffering as well.

The problem in providing for children arise when givers and recipients do not communicate, the gift becomes a mere transfer of wealth. This transfer of wealth has no meaning, has no spirit, has no education, and certainly does not prepare the recipients to be receiving well. In such situations, a lack of communication for the transfer of wealth not only does not promote growth and enhancements to the recipient’s life, but it also affects the recipient’s psychic environment and loses its impact.

While the giver needs to communicate this gift well, on the other hand, it requires the recipient to be prepared and also to be resilient as an individual. Resilience is the ability to stand back up again when he falls. Resilience is to finish through the difficult path and be creative and find ways to overcome a situation rather than just giving up. Resilience allows the recipient to go into different and new experiences but only if the recipient endures and overcomes the struggles of whatever life throws at him. That is why resilience is a key variable in determining whether recipients will grow or suffer as a result of the rich dad’s wealth being passed down.

In conclusion, communication needs to happen if the giving is to be received well so that it promotes growth and enhancement for the recipient.

And Resilience in the recipient needs to be there to ensure that the recipient can take on the gift and make good use of it, so that the recipient would not feel powerless or have the wrong mindset when handling the gift.

Listeners will understand what a trustee is and the roles and responsibilities of a trustee. 

Listeners will understand how different group of people view Trust and how it influences the way they speak about them. 

Ep 14 - What do you want to achieve when you give gifts to your child? 

In this Episode, we talk about the gifts we give to our children in legacy planning. But we also want to ensure that the giving is received well and used well. 

Our overall goal of giving to our children is to enhance their lives so that they can, in turn, enhance more lives.

A key concern that many givers have in giving their recipients is: How can I give without affecting my children’s or grandchildren’s work ethics, a sense of autonomy, and pride in their own accomplishments?

Many have also wondered: How can I receive from my parents or grandparents without the money taking over my sense of purpose in life and making me feel guilty or dependent?

While parents do not hope to see their children work at jobs just because of large salaries and lose their sense of purpose and desire to have mastery in skills and abilities. Most parents also do not want to support a spoilt child.

To put it simply, we want our children to not only learn how to love, but also to labour well.

We want our children to experience their own autonomy, their own mastery of skills and talents, and have a great sense of purpose in the journey of their life and in labour.

Children in wealthy families face a different perspectives in life. Logically speaking, these children may not need to work to have food on their tables, and a shelter to live in. This means that they can  end up missing out in learning what the value of work is. This is different from a poor family, because their situation naturally puts them in a different and often learning environment.

Work is seen to be more fulfilling when we use our skills and abilities in helping others. Developing such skills, however, takes time.

It also usually takes struggles, setbacks, and maybe even failures. Young people need the chance to struggle so that they develop skills that are truly their own. Persevering in difficult work also teaches well-earned self-respect. And working through difficulties also helps people discover what they truly enjoy.

Having meaningful work can come from any kind of work, even laborious work. Sadly, children who often jump from one interest to another looking for meaningful or passionate work often never find it.

While the core element of work is that it provides good for others. This cannot be taught in a classroom education setting.

Therefore, what we, as parents with wealth, can help our children is by giving them the gift of work, real work. For instance, giving them laborious, entry level jobs, instead of desk jobs at an early age.

These jobs can gave them a sense of accomplishment and teach them to find worth even in the small tasks done well.

In particular, their jobs should teach them that the value of work comes from providing a useful service for others, even if it is just cleaning the pantry.

In a way, these jobs begives your child to look at themselves as givers.

For a child who is still building his abilities and is still growing, giving them financial gifts may not be the right gift at that time. Rather, giving them guidance, internships, new work experiences would be better for them.

Whereas, if they have found their ability to thrive in their work – then financial gifts will likely help them pursue that activity rather than distract them from it. For what they have found belongs truly to them rather than seeing it as a job, or money that flow from work. A gift should help them flourish, rather than throwing them off their court.

At the end of this podcast, listeners will learn:

• Why is it difficult for GIVERS to understand and empathise with recipients?
  
• And how we can be an empathetic giver when designing our estate planning
  

At the end of today's episode, you should be able to:

• Know yourself better
• Think twice before gifting
  

At the end of the podcast, you should be able to:

• Understand what it means for a family to flourish
  
• What to do when money is the driving force for the family’s prosperity
  

Legacy Planning - How much is enough to leave behind for your loved ones?

In this episode, we talk about one of the most commonly asked question: "How much is enough to leave behind?"

At the end of this episode, listeners will learn:

1) The 3 important questions to ask

2) The difference between the qualitative and quantitative question

3) Get a better framework in planning for this golden question.

How to be A "Wise" Giver in Estate Planning

In this Episode, listeners will learn:

1) How to be someone who gives away his wealth more wisely, 

2) Questions to ask themselves to be prepared to becoming a wise giver and, 

3) How can we prepare ourselves to give wisely to our family members in a way that encourages their growth, freedom, and flourishment?

In Episode #`1, LPASG talks about The Spirit of Giving Well. Understand how to give well. Also, what is transfer taxes. And, also the different types of taxes in transfer taxes.