Legacy Law Group: The Trust Attorney Denver Families Count On

As the top trust attorney in Denver, Legacy Law Group has the tools to protect your family’s future
and provide much-needed peace of mind.

A Guide to Family Wealth Planning and Financial Responsibility

 

Family wealth planning can help ensure that your hard-earned legacy continues to span across generations. Learn more from the trusted legal advisors at Legacy Law Group.

 

What Is Family Wealth Planning?

 

Family Wealth Planning sectionFamily wealth planning is the responsible way to handle generational family wealth. Since organizing a family meeting to discuss these issues is often overlooked in the busy day-to-day lifestyle of the elite and well-to-do, hiring attorneys from the Legacy Law Group can prompt the discussion.

Setting up family wealth planning sessions offers an efficient way to provide your family members with an opportunity to ask questions about the family’s wealth and lay the framework for passing it down to the next generation.

How to Make a Family Financial Plan

 

How to Make a Family Financial PlanIt’s never too early to make a family financial plan strategy for security and wealth management. Whether you’re a recent college graduate or a new parent, now is the time to take control of your finances and create a plan for the future. Creating effective family wealth planning is key to ensuring long-term financial security. 

Family wealth planning can be complex, but it’s not as hard as you think. Here are some steps to help you make a family wealth strategy for yourself and your loved ones.

  1. Determine your goals and objectives
  2. Identify where you are now
  3. Determine how your current situation affects you reaching your goals
  4. Decide what needs to change to reach your goals.
  5. Set specific, measurable, and attainable goals
  6. Develop an action plan for each goal, including all necessary steps, roles, responsibilities, and timelines
  7. Track your progress by reviewing the plan at least every quarter (and preferably once a month)

Although with proper planning and assistance, a family’s finances can be managed appropriately. Unfortunately, many people misuse their financial authority and find themselves struggling from paycheck to paycheck.

Family Financial Planning Tips

 

Family Financial Planning TipsThese family financial planning tips help individuals and their family members manage their wealth wisely. Even if you don’t currently have a lot of money, by practicing financial responsibility, using the right financial strategies, and hiring top wealth managers, you could become the first in your family to accrue long-term financial wealth. 

Make sure to keep the following tips in mind when planning your family’s financial future:

  1. Carefully consider your financial situation. Before you begin financial planning for your family, take some time to learn about the different types of accounts that are available. These include traditional and Roth IRAs, 529 plans, and Coverdell Education Savings Accounts (ESAs). By familiarizing yourself with the different available options, you can help ensure that you select the accounts that will be the most beneficial for you and your family’s financial situation.
  2. Don’t forget about taxes. At the same time, tax considerations should never be the primary driving force behind any investment or retirement planning decision. It is important to keep taxes in mind as part of your overall financial planning.
  3. Disclose all assets, debts, and income. While you may not like disclosing your family business issues to anyone else, it’s essential to be transparent about this information when planning for your family’s future. Your financial advisor needs an accurate idea of your current situation so they can help you plan for the future. If you hide anything, you risk making mistakes that could impact yourself, your family members, or others later down the road.
  4. Protect yourself now. Estate planning is just as important as family wealth planning because they work hand-in-hand with each other. Make sure you have an up-to-date estate plan in place before creating a financial plan.

You should also consider establishing trusts. Trusts protect assets and provide financial security for your family members in many ways. You can use a trust to manage funds for minor children or adult beneficiaries with special needs. It can also be used as a tool for estate tax planning or business succession planning. Consider setting up trusts for your spouse or children that would take effect if something happens to you.

Best Family Wealth Management Firms

 

Best Family Wealth Management FirmsThe best family wealth management firms know there’s no one-size-fits-all solution for financial planning and maintaining wealth. High-net-worth estate planning lawyers customize their services for each client, taking into account their current situation and financial goals for the future.

The right estate planning firms offer various services beyond portfolio management. They can help you develop an estate plan and make sure you’re paying fair taxes on your family’s wealth.

Wealth management is a big undertaking. The top high-net-worth estate planning lawyers in Fort Collins are skilled professionals who will guide you through the process and make sure your assets are safe and secure.

How Long Does Generational Wealth Last

 

How Long Does Generational Wealth LastHow long generational wealth lasts depends on the estate and its structure. Most estates last for at least two generations. However, if the family is prone to squandering money or has a high divorce rate, you can lose long-term family wealth in a single generation. 

According to a UBS study, about 70% of wealthy families lose their wealth by the second generation and 90% by the third generation. This number may seem shocking, but there are several reasons this happens, but the primary reason is communication within the family. 

When there is no open communication among family members, family wealth planning can quickly become a source of conflict. It becomes even more challenging if there are no clear terms regarding the wealth transfer and its role in managing it. This can lead to disagreements and tension between family members, lasting effects on family relationships over time.

 

Choosing an Estate Planning Firm for Your Financial Decisions

Important conversations arise in family wealth planning sessions, and the law firm you choose will make all the difference in the efficacy of these sessions. The Legacy Law Group has honed its approach to providing sound advice and knowledge to maintain generational wealth for countless Colorado families like yours. 

Our family wealth planning strategy is personalized to each individual and family we work with. By leading family-focused conversations that explore your family’s values, financial aspirations, potential future conflicts, assets, and major family expenses like college tuition, we lay the foundation to ensure your legacy is passed down to future generations. 

Whether you have a blended family, a high net worth, or see a family on the horizon, our estate planning lawyers will start productive conversations, present ideas, and create an effective plan to bring your financial desires to fruition. Contact us today to get started.

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Our Client Success Stories

Derrick Swantz

“Anastasia Fainberg is extremely good at the legal work she performs. Her complete attention to every detail make her a pleasure to work with. She is the most qualified attorney that I have ever seen. I recommend her highly as she earns your trust from start to finish.”

Glen And Gracie

“My wife and I are very grateful for the careful explanation of the value of having our estate plan in place. Matt Meuli patiently answered all of our questions and made sure we had all the information we needed. We highly recommend Meuli Law Office for your estate planning needs. Now our beneficiaries will be in great hands and not have to struggle through so many unknowns.”

Joel Perry

“Fantastic attorney has helped me on several matters and will continue to use her for our other legal matters. I would recommend Anastasia to anyone needing legal assistance.” We highly recommend Meuli Law Office for your estate planning needs. Now our beneficiaries will be in great hands and not have to struggle through so many unknowns.”

Lee & Linda

“Matthew Meuli, Attorney/Counselor has been a friend of mine and Linda’s for the past four years. Matt and I met through Business Network International. At BNI Matt presented himself as a very qualified counselor for planning a trust. I had been a beneficiary of my mother’s trust and learned the value of a will versus a trust. We were able to set up the L&L Trust in an easy and understandable way with Matt’s professional help. As we have seen in the last two months life can change in a moment and having a trust in place gives us tremendous security.”

Denetria Walker

“If you are looking for a Law group that is professional, attentive and covers every single detail of your estate planning then give Anastasia a call!”

Sandie and ed

“When my father passed unexpectedly, it was surprising how much was involved. We had no idea what to do, where to go, how to find info that wasn’t written on his 1 page handwritten will. We will be forever grateful that we had Matt Meuli by our side showing us how to navigate through my father’s poorly prepared will. We have since set up a trust for our little ones and have no worries for those left behind. Matt thoroughly explained each part of the process in an easy to understand way. We now have peace of mind. Thank you Matt!”