#family-office-wealth

#family-office-wealth

Tim Cook described John Ternus as 'a brilliant engineer and thinker who has spent the past 25 years building the Apple products our users love so much, obsessed with every detail, focused on every possible way we can make something better, bolder, more beautiful, and more meaningful.'

"This is a system shock," says Nigel Green, CEO of deVere Group. "You have a material energy supply disruption and a structural shift toward fragmentation."

Some financial experts recommend enjoying a portion of the windfall while allocating the rest towards savings or investments to ensure long-term benefits.

In 2022, the classic 60/40 balanced portfolio of stocks and bonds didn't provide much protection. In fact, it lost nearly as much as a 100% equity portfolio.

When I made it through the initial months of the pandemic working in luxury retail, I thought I was safe. I even spent some money on renovating my deck and outdoor space at home. I was stunned when, in September 2020, my position was eliminated.

The SECURE Act eliminated the stretch inherited 401(k) for most non-spouse beneficiaries, replacing it with a hard deadline: the entire balance must be distributed within 10 years of the original owner's death.

High-yield savings accounts (HYSAs) are insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration up to $250,000, per depositor, per insured institution.

"We are still in the early days of the so-called great wealth transfer," says the lawyer Pierre Valentin, the joint head of art law at Fieldfisher. "The wave started in the US with the sale of collections such as those of Sydell Miller, Mica Ertegun and more recently, Leonard Lauder. The wave is coming to Europe, for example with the auction of the collection of Pauline Karpidas [last] September. I expect that there will be many more of those 'white glove' sales in the next 10 to 15 years because younger collectors collect differently from their parents and grandparents."

I think the beautiful part about the 'Peak 35' is it puts us in a position that many generations haven't been in before. When you start to think about this Great Wealth Transfer, yes, assets have been transferred before, but never to the extent that we see it now and never as intentional as we've seen it now.

When I was 22, my grandmother died. She was my favorite person. She didn't have a lot of money, but each of us grandchildren got a check for $3,000 from the will. I really, really wanted to do something special with that money, something to honor my grandmother, but I was young and dumb and broke, and it evaporated into rent and burritos and drinks and cigarettes and all the other "necessities" of my young, dumb 22-year-old life. I have had an "IOU" to myself for that money ever since and promised myself that one day, when I had an "extra" $3,000, that would be "grandma's money," and I'd do something special with it.