Having children is one of life’s greatest joys. Planning for their future and protecting them starts the day they are born. As life moves forward, your concerns may shift to their financial wellbeing as adults and keeping the wealth you have built within the family. This is one financial step you don’t want to overlook. Be intentional and vocal about your wishes, and work with a financial expert to ensure your wealth is maximized and protected! It’s never too early to start thinking about a successful transfer of your wealth to the next generation.
Setting your children and grandchildren up for success really involves two initiatives: one is protecting your family wealth and creating a tax-efficient plan for its successful transfer, but there’s a second piece many families forget to think about. Part two is ensuring your children are adequately prepared to manage their inheritance according to your wishes.
One other thing to remember is that family wealth is not simply bank accounts and investments. There may be long-held pieces of valuable property, and family treasures like jewelry or other priceless heirlooms. All of these pieces should be considered when working on your wealth preservation plan and your estate plan.
Goals of Estate Planning
Every family is different. You will need a customized estate planning strategy that takes into account your specific situation, your heirs, and your assets. This is particularly true if you’re a business owner. Overall, there are three broad goals of an estate plan:
A skilled financial advisor partnered with an attorney can work together to put together an estate plan designed to meet your needs.
There are hundreds of complex estate planning strategies but these are just a few your team may explore: