Why You Need a ‘Business Plan’ for Your Family

By | Family Office

EXECUTIVE SUMMARY

How is a family like a business? Both need smart planning to succeed, survive and thrive. The fact is, it’s harder to raise kids in the digital age when communities aren’t as tight-knit as they once were. As the rising rate of suicide among teens reveals, children are both struggling more and feeling less certain about how to cope with their problems. But you can turn the tide.

In this month’s Flash Report, Here’s Why You Need a ‘Business Plan’ for Your Family, we’ll show you how to create a family plan that can potentially strengthen existing parent-child bonds, repair any bridges that need fixing, and instill more resiliency and competency in your kids. The end result: A better family dynamic that empowers children to overcome those moments when they struggle—without resorting to dangerous behaviors that could turn them into a statistic. Read More

The Value of Multi-Generational Family Meetings

By | Estate Planning, Family Office

EXECUTIVE SUMMARY

The decisions families make about their wealth—how to manage, transfer and spend it—can lead to serious conflicts among family members. With affluence comes the risk of family in-fighting that can damage a family’s financial position and even ruin intra-family relationships forever. The good news: It doesn’t have to be that way.

This month’s Flash Report, The Value of Multigenerational Family Meetings, reveals a formal process used by ultra-wealthy families to educate heirs and potential heirs about sound financial decision-making, to identify shared family financial values and to maintain (and grow) family wealth in a unified and harmonious manner. Read More

Do I “lose” money by waiting to take Social Security?

By | Retirement, Social Security

Executive Summary

Many retirees choose to take their social security benefit as soon as possible at age 62. But is this the right decision? We all know that the longer you wait to get started, the larger your monthly payment will be. In fact, for every year you wait, you earn an 8% increase in the monthly benefit payment. But for those who DO choose to wait, the missed monthly payments can begin to add up (in their mind), which can cause some uncertainty and have retirees asking the question: “Am I losing money by not taking my Social Security benefit payment?” Read More

The Importance of a Goals-Based Exit Plan for Your Business

By | Business Owners

EXECUTIVE SUMMARY

If you are one of the 40% of business owners who plan to sell their company in the next 5 years 1, what is your plan? If you are in the “wait and see” camp, then you are setting yourself up for disappointment and frustration. Instead, begin planning today so you can enjoy positive outcomes down the road. Don’t be one of the 83% of business owners who have no transition plan, or have not communicated or written it down. 2

You might wonder, where do I start? What if you started with the personal goals you are looking to accomplish in your life, and then planning for the exit of your business in the context of “what’s next?”

In this series, I want to discuss goals-based exit planning and today we’ll start by talking about why it’s important. Read More

Should I Take A Loan From My 401(k)?

By | 401k, Retirement

EXECUTIVE SUMMARY

401k loans are a feature that some 401k’s offer and may be an option you have in your financial toolbox. But is it the right choice?

The answer: It depends.

Your 401k is designed and works best as a tax efficient way of investing for your future retirement. Using the 401k loan feature as your own personal piggy bank is ill-advised.

But in some cases, considering a 401k loan may actually make financial sense and safeguard your retirement portfolio.

Keep reading as we discuss 401k loans.

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