The Leadership Lessons of First-Generation Immigrant Families
By Jessica Y. Jung, CFP® – President, Vast Wealth Advisors I was just two years old when my family left Seoul, South Korea, and immigrated to the United States. We didn’t have much. Like many immigrant families, we were starting over—new language, new culture, new rules. My parents, especially my dad, never let that stop […]
Securing the Future: Strategic Succession Planning for Family Businesses
Family businesses form the cornerstone of the global economy. In the United States alone, approximately 60% of all private companies are family-owned, contributing to over 64% of GDP and employing 62% of the U.S. workforce (Forbes, 2023, Family Business Alliance, 2022). Despite this economic strength, most family businesses are not built to last. According to […]
How Ultra-High-Net-Worth Families Own Assets
1. Trusts (Irrevocable, Dynasty, and Grantor Trusts) Trusts are the cornerstone of UHNW ownership. Benefits:✔ Asset protection✔ Estate tax reduction✔ Privacy (avoids probate)✔ Multi-generational control 2. Holding Companies (LLCs, LPs, S-Corps) UHNW families rarely hold real estate, businesses, or alternative investments directly. Benefits:✔ Centralized management of family assets✔ Limited liability✔ Income splitting and valuation discounts […]