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As a accomplice for DGIM Regulation and an adjunct professor for the College of Miami Faculty of Regulation, Monique Hayes is named an skilled enterprise lawyer with the good thing about expertise in each non-public and public follow. She additionally has a popularity as a troublesome litigator.
As Hayes not too long ago informed ThinkAdvisor, this background supplies her with a broad understanding of the enterprise and financial panorama. She has been referred to as on by shoppers to deal with a few of the most complicated issues concerned in enterprise possession transitions, legacy planning and household inheritance conflicts.
At this time, 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 supplies 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 shoppers are entrepreneurs, she defined, so she will use her abilities and experience to assist them to construct, restructure, develop and switch their companies. In a phrase, Hayes stated, the job is “inspiring.”
Within the current interview, Hayes spoke about how monetary advisors, attorneys, tax specialists and others can collaborate to assist their shoppers thrive — even when complicated planning challenges and deep questions concerning the which means of wealth stand of their manner.
See the accompanying slideshow for eight wealth planning insights:
1. Wealth can carry households collectively and drive them aside.
Hayes began her authorized follow as a chapter lawyer.
“This gave me a front-row seat to find out how people and households purchase wealth over time,” she recalled, “and the way they will lose wealth due to challenges of their enterprise or within the financial system.”
One clear takeaway from the work, Hayes stated, is that rising wealth can carry households collectively or drive them aside. The latter end result is made extra doubtless when households don’t talk truthfully about what wealth means and the way it ought to circulate via the generations.
“That problem performs out in numerous methods,” Hayes stated. “I simply acquired 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 stunned how simple it may be for battle to come up if households don’t have a plan.”
2. Empowering ladies as wealth homeowners is important.
As Hayes famous, it’s common for wealth managers to debate the transition of wealth from child boomers to millennials and Gen Z, however the reality is that one other nice wealth switch can also be enjoying out.
“Everyone knows the stats that present child boomer ladies 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’d like to verify ladies are ready to inherit wealth and are empowered.”
Hayes stated she has been significantly impressed by the examples set by the likes of Melinda Gates, MacKenzie Scott and, most not too long ago, Ruth Gottesman. The philanthropic work of those and different luminaires has put a highlight on crucial points, akin to supporting extra individuals of colour within the medical discipline.
3. Even tight-knit households want a plan for wealth transitions.
Requested concerning the keys to profitable wealth transitions inside households, Hayes stated it’s important to create an actual plan — one that’s totally understood and agreed upon by all events concerned.
It’s going to doubtless take time to set out the parameters and generate buy-in, she warned, so it’s additionally important to begin conversations early and let the plan transfer from the dialogue section to the documentation section naturally however deliberately.
The worst outcomes — akin to bitter litigation and household battle — typically consequence 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 it’s important to take into consideration is the fact of the individuals throughout the household, and the individuals throughout the group that’s present process an possession transition,” Hayes stated. “As an advisor or lawyer, it’s important to push your shopper and get them to suppose truthfully concerning the actuality of who can take over and run the corporate into the long run.”
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