As a companion for DGIM Regulation and an adjunct professor for the College of Miami Faculty of Regulation, Monique Hayes is called an skilled enterprise legal professional with the advantage of expertise in each non-public and public apply. She additionally has a repute as a tricky litigator.
As Hayes lately informed ThinkAdvisor, this background gives her with a broad understanding of the enterprise and financial panorama. She has been known as on by purchasers to deal with a number of the most advanced issues concerned in enterprise possession transitions, legacy planning and household inheritance conflicts.
At present, Hayes facilities her apply on wealth preservation and safety — together with company restructuring, enterprise succession and property planning. She says a balanced method and an revolutionary mindset are important to success on this area, and she or he usually gives results-driven counsel to principals, fiduciaries, and for-profit and non-profit firms concerned in industrial transactions, litigation and succession planning.
What Hayes enjoys most about her apply, she says, is “witnessing, and sometimes serving to, the American dream be realized.” Most of her purchasers are entrepreneurs, she defined, so she will be able to use her abilities and experience to assist them to construct, restructure, broaden and switch their companies. In a phrase, Hayes stated, the job is “inspiring.”
Within the current interview, Hayes spoke about how monetary advisors, attorneys, tax consultants and others can collaborate to assist their purchasers thrive — even when advanced planning challenges and deep questions concerning the which means of wealth stand of their manner.
See the accompanying slideshow for eight wealth planning insights:
1. Wealth can convey households collectively and drive them aside.
Hayes began her authorized apply as a chapter lawyer.
“This gave me a front-row seat to learn the way people and households purchase wealth over time,” she recalled, “and the way they’ll lose wealth because of challenges of their enterprise or within the financial system.”
One clear takeaway from the work, Hayes stated, is that rising wealth can convey households collectively or drive them aside. The latter final result is made extra possible when households don’t talk truthfully about what wealth means and the way it ought to circulation by means of the generations.
“That problem performs out in numerous methods,” Hayes stated. “I simply bought out of a litigation case that concerned a household dispute over the possession of a enterprise. We received the litigation, however it’s nonetheless unlucky to see households preventing in court docket. You’d be stunned how straightforward it may be for battle to come up if households don’t have a plan.”
2. Empowering ladies as wealth house owners is crucial.
As Hayes famous, it’s common for wealth managers to debate the transition of wealth from child boomers to millennials and Gen Z, however the fact is that one other nice wealth switch can be taking part in out.
“Everyone knows the stats that present child boomer ladies reside longer than their male spouses, so earlier than we’re seeing the transition of management of wealth throughout generations, we’re first seeing a transition of wealth throughout genders,” Hayes defined. “We’d like to verify ladies are ready to inherit wealth and are empowered.”
Hayes stated she has been notably impressed by the examples set by the likes of Melinda Gates, MacKenzie Scott and, most lately, Ruth Gottesman. The philanthropic work of those and different luminaires has put a highlight on important points, reminiscent of supporting extra individuals of colour within the medical area.
3. Even tight-knit households want a plan for wealth transitions.
Requested concerning the keys to profitable wealth transitions inside households, Hayes stated it’s important to create an actual plan — one that’s totally understood and agreed upon by all events concerned.
It would possible take time to set out the parameters and generate buy-in, she warned, so it’s additionally important to begin conversations early and let the plan transfer from the dialogue section to the documentation section naturally however deliberately.
The worst outcomes — reminiscent of bitter litigation and household battle — usually outcome from first-generation wealth creators burying their head within the sand and making no planning effort earlier than one thing like a well being episode or a dying forces an possession transition.
4. Hopes and expectations don’t make an actual transition plan.
“The opposite factor is that it’s important to take into consideration is the fact of the individuals inside the household, and the individuals inside the group that’s present process an possession transition,” Hayes stated. “As an advisor or legal professional, it’s important to push your shopper and get them to assume truthfully concerning the actuality of who can take over and run the corporate into the long run.”
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