BEST PRACTICES FOR THE SEAMLESS TRANSFER OF WEALTH
Leaving Behind a Meaningful Financial Legacy
Leaving behind a meaningful financial legacy is about more than just wealth. At Vance Wealth, we believe it’s also about protecting your family’s peace of mind.
It’s difficult enough to pick up the torch and carry on the family legacy without the undue burden of a messy and confusing wealth transfer process. We believe preserving family harmony is just as important as passing on financial security. It’s what keeps the legacy going.
But that doesn’t happen without intentional planning and the right support. Here are three best practices to help ensure your legacy is passed on with clarity and care, making the process easier for everyone involved.
1. Involve Your Family Early
Open communication is one of the most powerful ways to protect family harmony. Historically, many parents kept their financial plans secret, revealing them only after their passing. This can leave the next generation feeling overwhelmed, navigating complex financial decisions while also grieving.
“We see a growing trend of families involving their adult children earlier in the financial planning process,” explained Jerrod Ferguson, Vice President at Vance Wealth. “They don’t want their kids to be caught off guard when it’s time to settle the estate. By engaging in these conversations now, they’re fostering openness and reducing the chance for misunderstandings later.”
At Vance Wealth, we encourage clients to initiate these crucial conversations sooner rather than later. Not only does this help set expectations, but it also creates an opportunity for your children to understand your financial vision and begin planning for their own future with greater confidence.
2. Create A Lifetime Tax Plan
When most people think of tax strategy, they usually think of short-term savings. At Vance Wealth, we take a lifetime approach to tax planning to minimize the tax burden for you and your family.
“Paying a little more in taxes now can significantly ease the burden on your children down the road,” Jerrod advised. “If we anticipate taxes and their incomes will rise over the next 20 or 30 years, it’s better to position assets in tax-free accounts now, rather than leaving adult children with hefty tax obligations in their peak earning years.”
We focus on optimizing your tax strategy over the course of your life, so the next generation can inherit wealth with fewer complications. This forward-thinking approach not only protects your financial legacy but also helps prevent financial strain or tension among family members.
3. Organize Your Digital Legacy
One of the most stressful aspects of wealth transfer can be the administrative burden. Sorting through documents, passwords, and legal paperwork is overwhelming, time-consuming work.
To streamline and secure this aspect of legacy planning, Vance Wealth offers Everplans, a digital platform that securely stores everything from trust documents to your most precious family recipes.
“This tool allows our clients to leave their affairs in perfect order,” Jerrod continued. “Many have uploaded special messages or videos for their family, which gives them peace of mind knowing everything is taken care of.”
With Everplans, you can provide your loved ones with access to everything they’ll need, eliminating uncertainty and giving them the time to focus on what really matters—each other.
At Vance Wealth, we believe preserving family harmony is just as important as preserving your financial legacy. By opening up the lines of communication, planning strategically for long-term tax efficiency, and ensuring your affairs are organized with tools like Everplans, you can leave behind a legacy that strengthens family bonds and reduces stress.
Ready to take the next step in preserving your family’s harmony?
Schedule a complimentary discovery call with a Vance Wealth advisor today, and let’s create a personalized legacy plan that’s as thoughtful as it is secure. Together, we’ll help you create a plan that safeguards your family’s future—and their peace of mind.
The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor.
