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Friday, May 6, 2016

Taking Care of Your Wealth

Families that have created high value businesses often don’t take the necessary precautions in order for it to continue after they have passed it on.  There have been countless mistakes made causing family fortunes to diminish that could have just as easily been avoided.  Staying aware of all possible financial weaknesses and being proactive with planning and long-term strategies will prolong your family’s wealth for generations.

Failing to realize weaknesses among your financial plan such as not having the correct beneficiary named can leave assets subject to probate.  An incident such as this may be inconvenient but needs to be taken care of in a timely manner or else risk losing the assets.  Only 56% of American parents have a will or living trust.  This means that just under half of American families have not yet planned for what will happen to their wealth and how it will get there.  If you factor in history of family health, separated marriages or family business owners then more extreme planning is necessary that involves coordinating the estate and succession planning.

Although technology has become a major factor in building a business it also has its’ disadvantages.  More and more computer hackers are gaining access to email accounts allowing them to have control of bank accounts, brokerage information and asset transfers. This can be devastating to a business because it not only loses money but shows weakness and flaw to clients.  Security systems can be put in place to avoid such error but it is important to meet half way.  Be on the lookout for suspicious activity and keep vital information protected.

When talking about future planning it is necessary to include anyone who might have access to the estate.  Not including children on decision making can neglect them from understanding the process of sustaining wealth.  Without keeping them updated on how and why decisions are made they will be inexperienced when it comes time for them to be the prime decision maker.

It is never too early to begin planning for your future.  Developing a strategic financial plan can have potential to increase a family’s wealth and prolong it for generations.  Collaboration between family members and professionals will enhance your future and put your mind at ease. 


Posted by: David Shober at 4:26 PM
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This material is intended for historical purposes and may be outdated. Its contents should not be relied upon as current information. For more up-to-date information regarding these topics, contact your financial professional.

All information herein has been prepared solely for informational purposes, and it is not an offer to buy or sell, or a solicitation of an offer to buy or sell any security or instrument or to participate in any particular trading strategy. Securities offered through Triad Advisors, member FINRA/SIPC. Advisory Services offered through ACI Partners, LLC. ACI Partners, LLC is not affiliated with Triad Advisors.