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How Can I Take Care of My Family Forever?

Plum Pointe Wealth Management President Brian Dunckley shares his experience helping clients build a secure financial future for their family.

Watch the video or listen to the full audio episode here or on your favorite podcast app.

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WEALTH PLANNING FOR A LASTING LEGACY

Providing a secure future for your family is a top priority. At Plum Pointe Wealth Management we help you navigate the complexities of life and offer practical insights on navigating diverse family structures, unexpected challenges, and evolving tax policies to safeguard your wealth and ensure your loved ones are cared for, "forever."

RISK FACTORS THAT IMPACT YOUR WEALTH

Wealth is vulnerable to many risk factors including market risk, business uncertainty, illness, death and poor or insufficient financial strategy. These factors can jeopardize your ability to safeguard your wealth and support loved ones well into the future.

The uncertainty of the market and economic fluctuations can erode your investments and diminish your financial stability. For business owners, this also includes the impact of market volatility on overall business operations. Unexpected illness, surgery and other health issues that require new expenditures and limit or prevent you from working, can have a long term impact on your financial security. Loss of a loved one is a devastating change that can derail your plans and leave your family vulnerable. Without a comprehensive strategy that includes proper execution, it is nearly impossible to secure your long-term financial future.

THE NEED FOR STRATEGIC PLANNING

Creating and executing a proper plan requires solutions that are specific to your unique needs, life stage and dependents. For example, if you have children and you wish to help support their financial success after you’re gone, you’ll want to consider their age and future needs. Younger children, who are not already financially stable, have more concrete expenses in their future like college or home ownership. Older, more financially independent children may require less support or they may already be involved in supporting the family’s wealth management current needs and future objectives.

Depending on your life stage, it’s possible that you are in the position of considering the support of your own children while also caring for aging parents. Ideally, any aging relatives will have done their own planning to cover their needs, but that is not always the case. If the planning is left to you, you will want to make sure you have solid strategies in place.

Failing to address these variables can have profound consequences. Children may face a drastic change in lifestyle, or may struggle with educational expenses, housing costs, or unforeseen circumstances. Spouses might grapple with financial complexities and emotional burdens. Aging parents may lack essential care due to inadequate planning. These ripple effects and the burdens you face due to lack of planning underscore the importance of crafting a comprehensive wealth plan.

PROTECTING YOUR FAMILY'S FUTURE WITH PROACTIVE PLANNING

Losing a loved one is devastating, but the emotional burden is often compounded by financial turmoil. Without proper planning, sudden death can leave families grappling with uncertainty, forcing them to make difficult decisions while grieving. This ripple effect can impact children's lifestyles, spouses' wellbeing, and even the future of your business. By putting a comprehensive plan in place, you can safeguard your loved ones and ensure their stability even in your absence.

You may already have a clear vision of what you want for your children, your family, your partner etc. Even if you don't have those details precisely lined up, you can look at your current lifestyle and consider what needs to be in place for your family to keep experiencing life as they know it and as they're comfortable with.

If you own a business, it's critical to develop a succession plan to protect your employees, preserve its value, and ensure your family receives the intended financial benefit. Once that succession plan is established, your family doesn't have to worry about what's happening with the business, and the business can continue to succeed in whatever future state you envisioned for it.

Four Pillars of Family Wealth Planning PDF

BUILDING A SOLID FOUNDATION: FOUR PILLARS OF FAMILY WEALTH PLANNING

Here are the four areas you should consider if you want to make sure your family is financially secure for generations to come.

1. Anticipate Risks with a Tailored Financial Plan:

Identify and assess potential threats to your wealth, such as market downturns, business disruptions, health concerns, and premature death. Craft a personalized plan with your specific situation and family dynamics in mind. Consider foundational elements like income sources, debt, and asset allocation. This step lays the foundation for building a resilient plan.

2. Assemble A Team of Experts:

Seek guidance from qualified experts like Certified Financial Planners™(CFP®), attorneys, and insurance advisors to construct a tailored plan considering your unique circumstances and desires for your family. Build a team that understands your needs and can navigate complex financial landscapes. This may involve strategies like investment diversification, business succession planning, disability insurance, and life insurance.

3. Evolve Your Strategies with Life's Changes:

Regularly review and adapt your plan to account for economic shifts, tax changes, and personal transitions. Stay informed and be prepared to adjust your strategies as circumstances evolve.

4. Communicate Clearly and Frequently:

Ensure your spouse/partner and children are actively involved in understanding your wealth plan and its objectives. Explain the strategies employed, their purpose, and potential outcomes. This transparency ensures a smooth transition and empowers your loved ones to navigate future challenges.

Regardless of your current wealth or family structure, this framework can help empower you to take care of your loved ones forever.

SECURE YOUR FAMILY'S LEGACY

Planning for the worst might seem grim, but it’s about offering your loved ones security and peace of mind in your absence. Knowing you've taken care of them allows you to rest assured and focus on enjoying the present with your family. It’s best to start these conversations early so you have time to establish clear goals, and start working toward solutions and strategies.

Let us help you build a lasting legacy of security and care for your family. Call us at 401-228-8258 to set up a discovery meeting.

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