Cultivating lasting wealth that benefits future generations hinges on strategic asset management and planning. Despite cultural sayings warning of wealth dissipating within three generations, a well-crafted approach – one that incorporates customized strategies and focuses on addressing individual circumstances – can safeguard your fortune and empower your descendants for years to come.
Planning Your Estate
Creating a lasting impact starts sooner than you might imagine. The process of estate planning, otherwise known as legacy planning, safeguards your desires for your wealth distribution upon your departure. As a financial advisor, I've witnessed firsthand how challenging it can be for individuals to broach this subject with their families, often leading to unintended consequences for their assets.
Although our firm doesn't offer legal services, we guide clients through their estate and legacy planning journey. By collaborating with attorneys, we facilitate the creation of important documents such as wills, Power of Attorney, and living wills.
Legacy planning becomes increasingly essential when there are dependents or a business to take into account. As tax regulations evolve and become more complex it's smart to team up with a financial advisor who can stay abreast on any potential changes that could affect your legacy plan - especially those impacting gift tax exemptions which will expire in 2025 without proper preparation. Taking proactive steps now ensures you're well-positioned against unforeseen shifts down the line, protecting both yourself and your finances from undue exposure.
Planning for Education Expenses
With the school year soon coming to a close, now is the perfect opportunity for those concerned about their child's future to think about a strategic plan for financing their college education. As parents and grandparents, the idea of spiraling higher education costs may have crossed your mind, yet it's easy to let them slide as other expenses emerge. Saving for your child(ren)’s college in today’s world requires planning, strategizing, and selecting unique investments that are right for you and act as part of a broader financial plan.
A 529 plan is an investment account that offers tax benefits when used to pay for qualified education expenses for a designated beneficiary. You can use a 529 plan to pay for college, K-12 tuition, apprenticeship programs, and student loan repayments.
Where Do You Begin?
I recommend setting up a time to chat, and together we can get started on a plan that will leave you and your loved ones feeling confident about the future.