Estate Planning
Zoe Team and Kyle Attarian, MBA, CFA, CFP®, AIF®( Zoe Network Advisor)
6 min read
Estate planning ensures your legacy is passed down according to your specific wishes.
Proactive planning reduces potential conflict and tax burdens for your heirs.
Professional guidance helps align your legacy goals with legal and financial strategies.
It is the process of managing and distributing your assets, ensuring your legacy is handled according to your wishes after you pass.
Experts help navigate complex tax laws, legal requirements, and strategies to ensure your assets are protected and efficiently transferred.
It is best to start as early as possible to ensure your wishes are documented and updated as your life circumstances evolve.
Learning from a family tradition like no other. Kyle Attarian, MBA, CFA, CFP®, AIF® guides you through one of the most unique experiences he’s had as a financial advisor. The greatest lesson was observing first-hand, the impact of creating long-term financial plans for families across generations. It’s a crucial tool that allows families to protect and preserve their wealth while passing values on to future generations.
One of the most pivotal moments in my career occurred in the first month of my current job. I was starting my dream job in a new company and a new city. Like any transition, I felt pressure and excitement as I walked through the doors of the tall building where I would spend most of my time. I wasn’t a stranger to that feeling, but many factors made this time different.
I was onboarding a new chapter of my life, all amidst the financial crisis of 2008-2009, which definitely added some additional pressure. It was nerve-wracking, but the fact that I could find an employer hiring during this challenging economic environment convinced me that this company was unique.
One of my first clients in this new role was just as unique as the company. I walked into our first meeting room, expecting a few individuals. I was mesmerized by the sheer number of participants. This conference had attendees from four generations representing different parts of the country. The best part was… they were all family.
The energy in the room was palpable, and the comradery and positive vibe were something I had never experienced before, even within my own family.
I let everything sink in, and before I knew it, the meeting was called to order. The room was silenced as the 92-year-old patriarch welcomed everyone. This was a family meeting beyond anything else — a family gathering like no other. I had never heard of anything like it, but I admired the tradition they built. People flew from all over to be together.
One of the first things the patriarch did was go out of his way to express his gratitude for our attendance (their financial advisors). He then shared a fascinating 30-minute story of their family’s unique history, supplemented by comments from his wife, the 90-year-old matriarch, sitting by his side.
This family opened the doors of their home and family history to strangers they trusted with something as crucial as their finances. I felt extremely grateful knowing we received front-row tickets to their unique family gathering and situation.
After a brief introduction to finances, we discussed individual milestones, celebrations, and relevant intra-family business. We wanted to ensure we spoke to this unique family by providing information, general guidance, and, most importantly, speaking to their unique situation. The last step of our presentation as advisors was exposing our financial planning and investment education content. Regardless of this being a presentation for the whole family, we recognized there were many individuals present with varied dreams and ambitions. Ultimately, we extended an offer to meet one-on-one with anyone interested. To my surprise everyone was interested!
The meeting’s organization, structure, and collaboration were impressive, and the incredible energy and focused attention that each family member gave to the content and presenter were truly remarkable. As the day ended, I felt this incredible warmth come over me from an overwhelming expression of love and respect each family member gave us throughout the day.
Leaving in complete awe of the experience, I turned to my mentor and close friend, who said, “it all comes from the top.” The great-grandparents started this annual meeting tradition to provide a means for the family to stay in touch, learn together and about each other, share in their success, and provide support during their darkest moments. This has cultivated an incredible bond and harmony within the family that grows exponentially.
I learned shortly after this experience that a multigenerational planning approach is fundamental to the identity of our company. We developed it as a strategic process to help create a long-term financial plan for families across generations. It’s a crucial tool that allows families to protect and preserve their wealth while passing values on to future generations.
Financial planning is often seen as a means to achieve financial success. Still, multigenerational financial planning takes it further by helping families instill values that lead to success. These values include hard work, dedication, and responsible spending. Supporting future generations to understand these values can enable them to make informed financial decisions. Financial education should be something every family seeks, and every financial advisor supports.
In addition to passing on core values, proper multigenerational planning can help prevent family conflicts and bring the family closer together. It helps strengthen relationships through transparency into the financial health, plan, and objectives of the family, creating and sustaining family unity. Families can develop a strong sense of teamwork and union by creating and discussing a family plan that benefits everyone. This creates a bond that extends beyond the family’s financial situation, resulting in a deeper appreciation for family members and a greater sense of support and love.
I wake up with a daily sense of gratitude that is only amplified when I reflect on these “on-the-job” experiences. I’ve been so fortunate to be a part of many wholesome family conversations that are more values-centric than pure dollars and cents. So many life lessons I’ve tried to incorporate in my own family stem from these encounters (particularly this one). I hope that by sharing this experience, I can inspire other families to disclose and discuss more of their financial lives with one another to create the incredible unity, harmony, and love that this family, and many more like them, have been able to form and cultivate.
These experiences warm my heart as I realize the impact that is created by my chosen profession. I recognize the trust my clients put in me is not just for the individual who hires me but for their entire legacy. How could one take this lightly?
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