The Financial Planning Blog

Your go-to financial planning and wealth management resource, whether you're just getting started or well on your way to a financially secure future.

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Estate Planning  |  Legacy Planning  |  Retirement Planning  |  Wealth Management  |  estate planning  |  legacy planning

3 Things to Consider in Estate Planning Conversations

Estate Planning: Are Equal Slices Best When You Divide the Family Pie? While many people think life isn’t always fair, in my practice I find it more likely that life is unequal in how wealth gets distributed. This inequality carries over into many families with children of different ages, skills, interests, needs, and degrees of material success. "... there are many creative ways to actually increase the impact of “the family pie.” -Greg Hammond, CFP®, CPA You may believe a policy of “sharing equally” is the best way to divide your assets. While it’s easiest, especially when it comes to avoiding conflicts, I find it’s not necessarily fair. Even at the risk of conflict, often it’s more practical to divide your assets by recognizing and compensating for differences in the needs and abilities of your heirs.

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Legacy Planning  |  Wealth Management  |  financial planning  |  legacy planning  |  succession planning

The Reality of Generational Disconnect

Generational differences exist in all families. Every generation develops its own style of expression, methods for handling conflict, and values. Even tech-savvy parents are likely to feel that virtual connecting and 24/7 technology lacks sufficient depth to replace face-to-face conversation. Kids, on the other hand, can feel that Mom and Dad just don’t get it and can barely turn on the TV without help.

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Family Inventory Workbook

Family Inventory Workbook

Use this free workbook to gather a comprehensive list of all information pertaining to your family’s current financial picture!

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Estate Planning  |  Legacy Planning  |  Wealth Management  |  cross purchase Buy-Sell Agreement  |  estate planning  |  legacy planning  |  wealth management

Cross-Purchase Buy-Sell Agreement

Under a properly funded cross purchase buy-sell agreement, an owner agrees to purchase all or a portion of the business interest of the other owners. The agreement stipulates that the deceased owner’s estate must sell the business interest and that the surviving owners will buy that business. The agreement also establishes the price to be paid either based on a fixed amount or a formula. In general, current tax law has made the formula method the more prudent choice.

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Estate Planning  |  ILIT  |  Legacy Planning  |  Wealth Management  |  crummy letter  |  estate planning  |  irrevocable life insurance trust  |  legacy planning

Irrevocable Life Insurance Trust

An irrevocable life insurance trust (ILIT) is an irrevocable trust set up to own and be beneficiary of life insurance  policies. The life insurance can be on one individual or be a second-to-die survivorship policy where death proceeds are payable at the second death.

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Estate Planning  |  Legacy Planning  |  Retirement Planning  |  Wealth Management  |  estate planning  |  legacy  |  legacy planning

Legacy is a Powerful Word

Your legacy can be joyful, tragic, or somewhere in between – but you get to choose which.

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Estate Planning  |  Legacy Planning  |  Retirement Planning  |  Wealth Management  |  business succession planning  |  business transition planning  |  estate plannning  |  legacy planning

Business Succession Transition Planning

All closely held businesses face the possibility of an owner dying, retirement or becoming disabled. A business owner’s death or disability can create major problems. A lifetime of hard work and investment can be jeopardized, leaving the other owners and the deceased’s family in the difficult position of sorting things out. A properly structured and funded buy sell agreement permits an orderly transfer of the business.

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