Value Added: Wealth Transfer Planning & Next Gen Preparation

An inheritance has the potential to alter lives and cause major tension. So how can you set up your successors for success?

Show Notes

You’ve worked your whole life to provide for your family, and you want to ensure they are taken care of after you’re gone. But passing on that wealth can be nerve-wracking. An inheritance has the potential to alter lives and cause major tension. How can you set up your successors for success?

That’s where wealth transfer planning comes in. A successful wealth transfer plan passes on more than just wealth—it imparts core values, which help dictate how that money is used and gives inheritors the tools to thrive. The best plans educate inheritors over many years, and so we’ve invited a guest who has specialized in wealth transfer for many years: Felix Meneses, Senior Vice President and Dallas Market Executive for Cadence Bank’s Trust and Asset Management.

On our final episode of Season One, we’ll cover the core financial values that you need to impart to your children, age-appropriate activities to instill those values, and how to structure your plan to reflect those principles. Felix will also share how to construct your team of advisors and how corporate governance can help you avoid family disputes.

Join us as we finish out our season in style, transferring a wealth of knowledge to you!

Highlights:

●      What is wealth transfer? (2:39)

●      Identifying priorities (4:19)

●      Core values: Stewardship, Philanthropy, Entrepreneurship (6:05)

●      How to talk to your kids about money (9:27)

●      Age-appropriate financial education (11:14)

●      Fun teaching activities for young kids (12:29)

●      Wealth transfer structures (15:23)

●      Keys to a good plan: A team of advisors (16:47)

●      Keys to a good plan: Corporate governance structures (19:03)

●      Creative ways to implement family corporate governance (20:44)

●      Executing the plan (22:12)

●      Inheritor responsibilities (23:41)

●      The importance of communication (25:59)

 

Links:

●      Cadence Bank Website

●      Cadence Bank Twitter

●      Cadence Bank LinkedIn

●      Felix Meneses LinkedIn

●      Cadence Bank – Trust & Asset Management

●      Cadence Bank – Wealth Empowerment Program

●      Cadence Bank – Philanthropy Services

Feedback:

If you have questions about the show or topics you'd like discussed in future episodes, email our producers, [e-mail] or [e-mail]. 

What is In Good Companies?

Starting and running a business or managing one isn’t for the faint of heart. You’re balancing internal and external forces in a continually changing landscape. This is where Cadence Bank’s In Good Companies comes in. We share our wealth of knowledge–and insights from noted industry experts–to guide you through the forces shaping business today.

It’s hosted by Patrick Pacheco, an EVP and President of Cadence Asset Management and Trust, who has more than 25 years’ experience and is a self-proclaimed lifelong learner. He leads discussions with business owners and subject matter experts about how they’re tackling business challenges like:

● What are ways to grow my business without growing my debt?
● How can I turn my data into meaningful information?
● Why is company culture more important than ever?

It’s information you need, in one place, in under 30 minutes. More than 250,000 listeners tune in each week. Shouldn’t you?

ABOUT OUR HOST
With more than 25 years’ experience in wealth management for business clients and a penchant for hosting, Patrick Pacheco is an EVP and president of Cadence Asset Management and Trust, and presenter of the bank’s In Good Companies podcast, now in its fourth season.
His background features years of legal practice and multiple degrees, including a Master of Taxation from University of Houston, a law degree from Southern Methodist University, and both a Master of Business Administration and Bachelor of Science in Economics from University of Texas at Arlington.
Pacheco describes himself as a lifelong learner and someone who loves asking questions–probably the ones you’re thinking about too. He’s especially excited about season four because of the diversity of topics and guests who will not only share their wealth of knowledge, but listeners will also get tips and tricks they can use in their own businesses, careers and professional lives.