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Family Wealth: 5 Vital Steps For Ensuring Your Succession Plans

By Fuquan Bilal

One of the most pressing concerns, and what keeps us up at night more than anything else is taking care of our loved ones. We can work hard, save money, and spoil our kids while we are around, but that may not be able to really see our biggest wishes for them for the long term realized. Whether it is a cause you are passionate about, or your concern is putting your kids at the helm of your estate and you’d like them to flourish, what essential moves should be made to see it come about?

1. Get A Clearer Vision

In order to make it happen, we really need a clear vision of what we want. Not just “I want to make millions, donate to charity, and give my future generations an empire.” Define that. What type of cause are you going to support, and what should my they be accomplishing? How much money do you need for your lifetime? How much do you want to leave to the next generation?

2. Set Up Retirement Income

There is a good chance that we’ll either live decades longer than we expected, or we’ll be forced to retire many years earlier than expected. Having a solid plan for retirement income in those years will be vital for not becoming a financial burden on those we love, and not ravaging any nest egg before it’s time to pass it on. Establish passive income streams now, so that isn’t an issue.

3. Put The Right Structures In Place

Wills, trusts, and inherited IRAs and income properties can all be a critical part of a family estate which avoids being eaten up by taxes, poor transitions, and courts.

4. Train Your Beneficiaries

The most important thing you can do is to train your beneficiaries to manage money well. If you leave them a little, they will still be able to multiply that. If you leave them a lot, they can do even better. Educate them about money and proven principles. Empower them with better ways to think about money. Give them entrepreneurial skills.

5. Connect Them With Help

All too often essential conversations about inheritances never happen. Then heirs get lumbered with cash, a mortgaged home, or investment tools they don’t understand. Then they have to find and turn to strangers for advice. Isn’t it better to introduce them to your contacts who you trust to manage your wealth now? Then they already have a proven partner for success.

Investment Opportunities

Find out more about investing in secured debt and real estate, go to NNG Capital Fund

Fuquan Bilal

Fuquan Bilal founded NNG in 2012 with the principal mission of capitalizing on the growing supply of mortgage notes in the interbank marketplace. Mr .Bilal utilizes his 17 years of residential and commercial real estate success to identify real estate opportunities and capitalize on them. To date, he has successfully managed three private mortgage note funds that primarily invest in singlefamily performing and non­performing mortgage notes. His financial acumen and proprietary set of investment criteria enable him to purchase underperforming real estate assets at a deep discount of face and market values, thereby increasing the value of the assets. This, coupled with his ability to maximize the use of leverage, enables him to build strong, secured portfolios with solid passive income flows.

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