Omnia Co-Founder Ivan Hernandez Speaks to Financial Advisor Magazine: When Fair Doesn’t Mean Equal

When it comes to wealth transfer, what’s fair is not always equal among heirs. Omnia Co-Founder and Managing Director Ivan Hernandez recently spoke with Financial Advisor magazine about this complex and often delicate situation.

First Hernandez stresses that communication is key. “Wealth transference can be a complicated matter to explain to heirs,” Hernandez tells the publication. “Givers have all the control and there will be ramifications if not explained in detail.”

Because each family member makes contributions to the overall health of the family, but not all members take on the same roles, Hernandez suggests creating options that recognize each individual recipient’s contribution. This is particularly important when a family business is involved, as often one sibling may take a more active role than the others.

He adds that succession planning needs to focus on the journey, not the destination, for families who want to respect one another and value the dynamic.

The full Financial Advisor article is available here.

Omnia Family Wealth, LLC (“Omnia“) is a registered investment advisor with the Securities and Exchange Commission. This commentary is provided for informational purposes only. No portion of any statement included herein is to be construed as a solicitation to the rendering of personalized investment advice over the Internet. Nothing is intended to be, and you should not consider anything to be direct investment, accounting, tax or legal advice to any one investor. Consult with an accountant or attorney regarding individual accounting, tax or legal advice. No advice may be rendered, unless a client service agreement is in place.”

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