Season 1, No. 8: Family Dynamics in Wealth Preservation with Bernadette Carey

The Cayman Life

Summary
In this conversation, Bernadette Carey, a partner at Carey Olson, discusses the intricacies of trusts and wealth management, particularly in the context of family dynamics and the unique environment of the Cayman Islands. She explains the purpose of trusts, the importance of proper structuring, and the role of family offices in managing wealth. The discussion also touches on the evolving attitudes of the next generation towards wealth, sustainability, and the future of wealth management in a changing world. Bernadette shares her personal experiences of living in the Cayman Islands and highlights its appeal as a safe haven for high net worth individuals.

Takeaways

• A trust is a relationship where legal ownership of assets is handed over to a trustee.
• Trusts are commonly used for succession planning and to protect family wealth.
• The Cayman Islands has a highly regulated industry for trusts and wealth management.
• Family feuds can arise from wealth and often stem from deep-rooted issues.
• The next generation is more involved in managing family wealth and investments.
• Families are increasingly focused on sustainability and ethical considerations in wealth management.
• Family offices provide a layered structure for managing diverse family assets.
• Cayman Islands is seen as a safe haven for international families.
• The future of wealth management is shifting towards more innovative and responsible practices.
• Living in the Cayman Islands offers a unique blend of safety, community, and professional opportunities.