[ad_1]
As a accomplice for DGIM Legislation and an adjunct professor for the College of Miami Faculty of Legislation, Monique Hayes is called an skilled enterprise lawyer with the good thing about expertise in each personal and public follow. She additionally has a status as a troublesome litigator.
As Hayes just lately informed ThinkAdvisor, this background offers her with a broad understanding of the enterprise and financial panorama. She has been referred to as on by purchasers to deal with among the most advanced issues concerned in enterprise possession transitions, legacy planning and household inheritance conflicts.
As we speak, Hayes facilities her follow on wealth preservation and safety — together with company restructuring, enterprise succession and property planning. She says a balanced method and an revolutionary mindset are important to success on this area, and she or he often offers results-driven counsel to principals, fiduciaries, and for-profit and non-profit firms concerned in business transactions, litigation and succession planning.
What Hayes enjoys most about her follow, she says, is “witnessing, and sometimes serving to, the American dream be realized.” Most of her purchasers are entrepreneurs, she defined, so she will be able to use her abilities and experience to assist them to construct, restructure, develop and switch their companies. In a phrase, Hayes mentioned, the job is “inspiring.”
Within the latest interview, Hayes spoke about how monetary advisors, attorneys, tax specialists and others can collaborate to assist their purchasers thrive — even when advanced planning challenges and deep questions in regards to the that means of wealth stand of their means.
See the accompanying slideshow for eight wealth planning insights:
1. Wealth can convey households collectively and drive them aside.
Hayes began her authorized follow as a chapter lawyer.
“This gave me a front-row seat to learn the way people and households purchase wealth over time,” she recalled, “and the way they will lose wealth because of challenges of their enterprise or within the financial system.”
One clear takeaway from the work, Hayes mentioned, is that rising wealth can convey households collectively or drive them aside. The latter final result is made extra seemingly when households don’t talk actually about what wealth means and the way it ought to circulate by means of the generations.
“That problem performs out in numerous methods,” Hayes mentioned. “I simply obtained out of a litigation case that concerned a household dispute over the possession of a enterprise. We received the litigation, however it’s nonetheless unlucky to see households combating in courtroom. You’d be shocked how simple it may be for battle to come up if households don’t have a plan.”
2. Empowering girls as wealth house owners is important.
As Hayes famous, it is not uncommon for wealth managers to debate the transition of wealth from child boomers to millennials and Gen Z, however the fact is that one other nice wealth switch can be taking part in out.
“Everyone knows the stats that present child boomer girls live longer than their male spouses, so earlier than we’re seeing the transition of management of wealth throughout generations, we’re first seeing a transition of wealth throughout genders,” Hayes defined. “We want to verify girls are ready to inherit wealth and are empowered.”
Hayes mentioned she has been significantly impressed by the examples set by the likes of Melinda Gates, MacKenzie Scott and, most just lately, Ruth Gottesman. The philanthropic work of those and different luminaires has put a highlight on essential points, comparable to supporting extra individuals of colour within the medical subject.
3. Even tight-knit households want a plan for wealth transitions.
Requested in regards to the keys to profitable wealth transitions inside households, Hayes mentioned it’s important to create an actual plan — one that’s totally understood and agreed upon by all events concerned.
It is going to seemingly take time to set out the parameters and generate buy-in, she warned, so it’s additionally important to start out conversations early and let the plan transfer from the dialogue section to the documentation section naturally however deliberately.
The worst outcomes — comparable to bitter litigation and household battle — typically end result from first-generation wealth creators burying their head within the sand and making no planning effort earlier than one thing like a well being episode or a demise forces an possession transition.
4. Hopes and expectations don’t make an actual transition plan.
“The opposite factor is that you need to take into consideration is the fact of the individuals inside the household, and the individuals inside the group that’s present process an possession transition,” Hayes mentioned. “As an advisor or lawyer, you need to push your shopper and get them to assume actually in regards to the actuality of who can take over and run the corporate into the long run.”
[ad_2]