Newsletter

Four Common Reasons Family Wealth Transfers Fail

Avoid These Common Pitfalls for a Successful Wealth Transfer
By Kathy Longo, CFP®, CAP®, CDFA
Tuesday, 05 April 2022

Four Common Reasons Family Wealth Transfers Fail

The United States is in the midst of a massive wealth transfer from Baby Boomers to Gen Xers and Millennials – to the tune of $68 trillion – with Gen Xers set to be the primary beneficiaries of this transfer. With that much money on the line, it’s crucial that the transition of these assets is done thoughtfully, with deliberate and careful planning ahead of time. Regardless of the size of your family’s portfolio, having a smart wealth transfer plan in place should be an essential part of your financial plan.

A legacy plan ensures that all of your hard-earned assets will transfer to people and organizations in accordance with your wishes, and it prepares your heirs to inherit and execute your wishes, too. This can be a complicated process, and it’s easy to make mistakes. Here are four common missteps that you should keep in mind as you put together a wealth transfer plan for your family.

Estate Planning Considerations for Single Parents

What to Think About as You Make These Important Decisions
By Kathy Longo, CFP®, CAP®, CDFA
Wednesday, 23 March 2022

Estate Planning Considerations for Single Parents

Estate planning is often a difficult and emotional task. If you’re a single parent, however, the process of estate planning can become even more challenging to navigate. When your child is fully dependent on you to take care of them, it can feel like the stakes are even higher as you make plans for the unthinkable.

Prepare Your Finances to Welcome a New Baby

Wealth Management Steps to Consider for Each Trimester
By Kathy Longo, CFP®, CAP®, CDFA
Wednesday, 09 March 2022

Prepare Your Finances to Welcome a New Baby

It’s no secret that raising a child is an expensive endeavor, which is one reason it’s important to prepare your finances to welcome a new baby. The last time the U.S. Department of Agriculture put out a report that calculated the average cost to raise a child to adulthood, it estimated that it would cost around $233,610 – and that was in 2015. If we adjust this estimation for inflation, then we can expect to spend around $272,049 to raise a child in 2022.

That’s a pretty significant chunk of money, especially considering all the other costs that go into having a family, such as financially supporting yourself (and possibly your partner), paying a mortgage or monthly rent, staying on top of bills, taking a vacation once in a while, and saving for the future – just to name a few. If you plan on having more than one child or you’re determined to help pay for your child’s college education, then it becomes even more imperative that you plan ahead to help ease your future financial stress.

If you are expecting, here are some steps you can take each trimester so that you and your family can feel more prepared as you get closer to the big day.

Ukraine Crisis Response

Addressing the Developing Situation in Client Portfolios
By Jay Pluimer, AIF® CIMA®
Friday, 25 February 2022

Ukraine Crisis Response

The global balance for peace and economic stability was broken when Russian President Putin announced the beginning of military operations in Ukraine. This has been a developing situation over the past few months as Russia positioned itself as the savior of citizens in Eastern Europe against alleged aggression from NATO forces. Regardless of why the military actions started, our focus is on how to address the developing situation in client portfolios.

Do You Know Your Exit Strategy from the Working World?

Planning Ahead Can Ease Your Financial and Emotional Transition into Retirement
By Kathy Longo, CFP®, CAP®, CDFA
Wednesday, 23 February 2022

Do You Know Your Exit Strategy from the Working World?

The transition into retirement can be an exciting time in many ways. After all, you’re finally going to have more free time to spend as you wish, whether that’s traveling, volunteering, taking up a new hobby, or simply spending more time with loved ones. Of course, this transition can also cause financial stress and emotional overwhelm if you aren’t properly prepared. That’s why it makes sense to plan out your exit strategy from the working world before the time comes.

Top Financial Advisor in Minneapolis

Contact Us

  • 3300 Edinborough Way
    Suite 420
    Edina, MN 55435
  • FAX: 952.953.3310
Listen to Flourish Financially on Your Favorite Streaming Service


Copyright © 2020 Flourish Wealth Management, Inc. All Rights Reserved. Powered by AdvisorFlex.