Gibraltar Private Bank & Trust Identifies Four Personal Responsibilities to Create Path to Generational Wealth & Well-Being

Coral Gables, FL -- Gibraltar Private Bank & Trust (http://www.gibraltarprivate.com) has identified four personal responsibilities that will create a path to generational wealth and well-being.  Each responsibility requires focus, discipline, and commitment on an individual’s part, as well as the insight, expertise, and counsel of friends, family, and a talented team of advisors, mentors and colleagues.

The vision of a successful life for most people is to enjoy financial security and personal well-being.  Financial security results from the economic freedom gained through the accumulation and preservation of wealth.  Personal well-being reflects the quality of life for oneself as well as one’s family.  A “life well lived” is the feeling one derives from the achievement of both these aspirations.

Gibraltar’s recommended four personal responsibilities are:

1. Building financial independence through the accumulation, management, and preservation of wealth:

• Building wealth.  Building wealth refers to increasing the income and financial assets of the wealth owner, whether that is to assure the long-term security of the individual, maximize the wealth that might ultimately pass to future generations, or contribute to philanthropy.
• Managing wealth.  Managing wealth focuses on the cash management aspect of wealth.  It means that the wealth owner sets financial and lifestyle goals, which are consistent with and appropriate to the individual’s resources for both the short and long term.
• Protecting wealth.  Protecting wealth focuses on avoiding, minimizing, or managing the various types of risk to that wealth, including the obvious ones – calamities (such as fire, accident, health), personal and business creditors, and disgruntled or former spouses - and the less obvious ones, such as income and estate taxes.

• Effective parenting and grandparenting;
• Empowering your spouse and children to fulfill their own dreams, passions, and talents
• Ensuring that each family member is prepared for the responsibilities of earning, accumulating, managing, preserving, and inheriting wealth
• Creating the environment in which family members can communicate freely, without intimidation and with mutual respect
• Resolving intra-family conflict in a timely and effective manner
• Clarifying and reinforcing the core family values that will bind your descendents together through the generations.

• Determining how much wealth will help your children and grandchildren to become educated, competent, productive, and self-sufficient and at what point either the inherited wealth or the income from such wealth will undermine these objectives.
• Structuring your plan to provide the resources needed by your family to be positively productive but not the opportunity to do nothing.
• Managing the expectations of your children and future descendants so that they will recognize and accept that their wealth and well-being depends largely upon their personal efforts and achievements.
• Selecting and preparing your advisors, trustees, and family members for their shared responsibilities in achieving your goals at a minimum of cost and tax.

• Leaving the world a better place for your children and descendants
• Protecting the most vulnerable among us and giving others a chance to achieve their dreams
• Using your resources in the most effective way possible
• Teaching these values to your children and future generations.

Contact Information

Josh Merkin

Account Director

rbb Public Relations

Contact via E-mail