Crain Currency’s Post

Did you know planned giving can help families build a legacy? Craig Wruck, Senior Advisor of Planned Giving at Foundation Source, shares everything you need to know about planned giving and how advisors can leverage the approach in this Financial Advisor piece: https://bit.ly/4bcE0tz

How do you set your kids up for financial success? How should you give resources without "spoiling" them? Desiring to build a financial foundation for your children, in other words, “multi-generational wealth”, is more common than you may think. Generational wealth is about building assets that provide opportunities and flexibility for future generations of your family. That does not mean you need to become a Rockefeller, a Vanderbilt, or have your name on a library. But how do you build wealth for your family without destroying you kids? 1) Engage your kids in business, investment, and planning early and often. When you hire a team member, it takes days, weeks even years to train them to fulfill a role. Stewarding wealth is no different. It takes active training over long periods of time to build the next generation of stewards. Transferring wealth is about the training period. Engage them in decision making around your family business (large or small) and include them in the investment decision making process before they have formal control. Your kids have probably figured out their socio-economic status by high school, so pretending you don’t have any money when they are in their 30’s is counterproductive. If you engage them in decision making in their 20s and 30s, by the time they are in control, good stewardship will be second nature. 2) Focus on What Matters Going beyond the P&L and building their understanding of your real goals is critical. You probably don’t manage your business solely to increase returns to equity holders and cash flow. Why are you in this business? Does your business help the community thrive? As you engage your children and grandchildren in decision making, help them connect to the real purpose behind your family assets. If they understand and share the “why,” they are way more likely to carry that mission on long-term.

President of BFS Advisory Group, Debra Brennan Tagg, CFP®, was featured in Advisorpedia discussing one of the most pivotal topics in financial planning today: 𝘛𝘩𝘦 𝘎𝘳𝘦𝘢𝘵 𝘞𝘦𝘢𝘭𝘵𝘩 𝘛𝘳𝘢𝘯𝘴𝘧𝘦𝘳. In this insightful article, they explore how wealth transfer is about so much more than just dollars and cents—it’s about values, legacy, and fostering meaningful family conversations. Read the full article to learn how to approach these conversations with purpose and strategy: https://lnkd.in/eNPU3hrV 

#GeneMelamudCFP #EstatePlanning Investing well, saving well and spending well are pillars of sound financial planning. For the philanthropically minded, add giving well to that list. Explore the financial and altruistic benefits of planned giving.

President of BFS Advisory Group, Debra Brennan Tagg, CFP®, was featured in Advisorpedia discussing one of the most pivotal topics in financial planning today: 𝘛𝘩𝘦 𝘎𝘳𝘦𝘢𝘵 𝘞𝘦𝘢𝘭𝘵𝘩 𝘛𝘳𝘢𝘯𝘴𝘧𝘦𝘳. In this insightful article, they explore how wealth transfer is about so much more than just dollars and cents—it’s about values, legacy, and fostering meaningful family conversations. Read the full article to learn how to approach these conversations with purpose and strategy: https://lnkd.in/gdy-bFSC 

Investing well, saving well and spending well are pillars of sound financial planning. For the philanthropically minded, add giving well to that list. Explore the financial and altruistic benefits of planned giving as year end approaches.

Investing well, saving well and spending well are pillars of sound financial planning. For the philanthropically minded, add giving well to that list. Explore the financial and altruistic benefits of planned giving.

Investing well, saving well and spending well are pillars of sound financial planning. For the philanthropically minded, add giving well to that list. Explore the financial and altruistic benefits of planned giving.

Investing well, saving well and spending well are pillars of sound financial planning. For the philanthropically minded, add giving well to that list. Explore the financial and altruistic benefits of planned giving.

Investing well, saving well and spending well are pillars of sound financial planning. For the philanthropically minded, add giving well to that list. Explore the financial and altruistic benefits of planned giving.