Is There a Risk of Versus in the Portfolio?

Jeff Gould is the founder Lineage Asset Advisors (LAA) a full-service commercial real estate advisory and consulting firm providing customized commercial real estate services to help families make seamless transitions with their properties – from one generation to the next.
Lineage collaborates with estate planning advisers to develop and implement portfolio solutions that meet the goals of multiple generations. Their aim is to preserve and enhance family wealth and legacy during difficult life transitions while establishing a culture of respect, peace of mind and financial sustainability.

Standout Quotes:

• "Like most forms of financial planning, the sooner you plan ahead, the much easier it is to implement and follow through" - [Mike Boyd]
• "Even if the family is risk-averse, I think it is really critical for them to understand that the risk of doing nothing may still be higher than the risk of doing something if they plan to keep the assets" – [Jeff Gould]
• "I think many families need to stay nimble in the future and really adjust for change" – [Jeff Gould]
• "Wealth and wealth transfer doesn't always lead to happiness, in fact in many cases it leads to conflict and challenges and strife among family members, so we want to try to shift that conversation, and that takes effort and planning" – [Jeff Gould]
• "Life is generally empty and meaningless, and we have the ability to establish positive and productive meaning in the midst of a world in constant transition" – [Jeff Gould]

Key Takeaways:

• The ideal scenario would be to involve Jeff early in planning for the transition but the reality is that he is engaged much later when things need to move quickly.
• There is a unique skill set that is needed to be a trusted adviser to help the family understand what they have in regards to Real Estate, and develop a plan with that Real Estate called a "Shared Asset Ownership plan" that considers the variables of the next generation.
• The 3 phased process includes Discovery, Planning, and Implementation.
• Addressing the issue of Deferred Maintenance; the 'Do Nothing Scenario' and the 'Do Something Scenario'
• 5 Transition Strategies in Real Estate planning: Communication and Education, Conflict Resolution and Accepting differences, Rediscovering your commercial Real Estate portfolio, Developing a mindful asset transition plan, and Implementing the plan and adjusting for change
• Jeff's advice to Real estate entrepreneurs: Creating your estate plan and developing a shared asset ownership plan that aligns with the next generation.
• Jeff explains that he helps the family understand that it is a fortunate situation to be carrying on and stewarding the transition of the assets rather than focusing on the personal value of the asset to each family member.
• Be respectful to everyone you encounter.

Episode Timeline:

• [00:49] Jeff Gould and his professional background
• [06:06] Do you usually get called in at the time of a transition event in a family or ahead of that time to plan a healthy transition?
• [08:37] Jeff gives a general picture of the different categories of clients he works with.
• [11:12] What are the particular challenges with the real estate space that create the need for Jeff's specialty, to steward assets in family transition rather than a generic accountant or financial planner?
• [16:51] Jeff describes the 3 phased process of his work with families
• [24:00] Addressing Deferred Maintenance
• [30:50] What would you say is the appetite for innovation in Real Estate?
• [35:06] 5 transition strategies in Real Estate planning
• [39:44] What advice would you give to a founding generation or Real Estate entrepreneur to best prepare themselves to have a great plan in place?
• [43:24] Do you work with any families that are multigenerational into the 3rd, 4th, or 5th generations?
• [49:38] From Jeff to his kids

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Special Guest: Jeff Gould.

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Links:

• Lineage Asset Advisors — Lineage Asset Advisors was founded to help multi-generational families solve the unique issues that arise when transitioning their real estate portfolios from one generation to the next. For over thirteen years, LAA has worked directly with families and their estate planning teams to develop roadmaps for successful commercial real estate generational transitions.
• Jeff Gould — Jeff is Principal and Founder of Lineage Asset Advisors which is a consulting, asset management and transaction advisory firm based in Los Angeles. Jeff consults with multi-generational families, family offices, and developers that own and operate commercial real estate to develop customized succession plans with their properties from generation to generation.