Legacy Series

Legacy Planning is about more than passing on wealth to the next generation.

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Choosing A Trusted Contact With Support From The Vance Wealth Team

What's a Trusted Contact?

A trusted contact is an individual you’ve authorized your financial firm to contact in specific circumstances, such as:

1. Your firm has been unable to reach you after numerous attempts.

2. Your firm expresses concern about account activity.

3. Your firm expresses concern about potential cognitive decline, memory loss, or financial elder abuse.

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Why Do We Recommend a Trusted Contact?

At Vance Wealth, we believe it’s essential to initiate multigenerational planning conversations earlier and more often. By encouraging moments of open and honest dialogue, you’re able to make more informed and intentional decisions about your
legacy, while you have the time and capacity to do so. Aiming to alleviate surprises for the next
generation. At Vance Wealth, we initiate these conversations and check-ins regularly, which gives us the unique opportunity to recognize subtle cues and potential concerns early on. We pay close attention during our meetings and calls, so we can identify any cause for concern – and give you the opportunity to make changes while the window for change is still open. After all, the purpose of multigenerational planning is to be proactive and ensure we’re taking care of you and your wishes to the very best of our ability.

On the other hand, without a trusted contact in place, you run the risk of having someone else make these decisions for you, once it’s too late to determine your clarity of mind. For example, we review important decisions – such as your named executor and beneficiaries – during annual planning conversations, so we can discuss any potential changes before it’s too late to make them. However, if no one is having these conversations with you on a regular basis, an attorney or advisor might recognize cognitive decline at a more advanced stage, and it’s now too late to make changes to your estate. That’s why we recommend establishing a trusted contact to help ensure these crucial decisions stay in your hands.

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Who Should Be A Trusted Contact?

When determining your trusted contact, it’s just as important to consider the right person for the job, as it is to consider who’s ready and willing to accept the responsibility. Many of our clients choose their children as their trusted contacts, and in this case, we recommend listing two or more children because it creates a deeper bench of support. Other options for trusted contacts include your Financial Power of Attorney or the person appointed in your Advance Healthcare Directive. If those options aren’t available, then you can choose a Corporate Trustee or Professional Fiduciary.

POTENTIAL TRUSTED CONTACTS:

Children

Financial Power of Attorney

Advance Healthcare Directive Appointee

Corporate Trustee

Professional Fiduciary

HOW DOES THE PROCESS WORK?

At Vance Wealth, we partner with our clients to provide the care, tools and experience required to ensure a lasting and meaningful legacy. We do what it takes to protect those who matter most. It’s more than a promise. It’s a care philosophy that drives our culture, values and purpose every day. That means we work to protect you and your legacy in multiple ways:

1. Fiduciary Responsibility

First and foremost, we are bound by a fiduciary duty to act in the best interest of our clients. That means we must make informed and educated decisions on behalf of our clients, as well as remain completely transparent in all of our decisions and actions.

Beyond our fiduciary duty, however, Vance Wealth advisors share a set of core values that drive us to make a difference in the lives of our clients and their families. We take our work to heart, and we make sure our priorities reflect that commitment every day. Our goal, first and foremost, is always to protect you and your vision for the future of your family.

2. Multigenerational Planning

In our experience, the best financial plans look beyond finances to include what really matters: your vision, your values, and your family. By looking at the whole picture, we can help you create a legacy that’s built to last. When multiple generations are involved in the planning process, everyone is more likely to work together toward preserving and honoring your vision. That’s why we empower our clients to invite family members to be part of the conversation, so you can impart more than your wealth – and leave a legacy you can be proud of.

3. Team Approach

One of our core values is the belief that collaboration drives success. We know that your legacy is protected by a team of professionals that extends past our office, including your trusted attorney, accountant, and other professional advisors. We believe it’s not only a necessity but a privilege to work alongside the rest of your team – because that is what’s required to act in your best interest. In fact, we hope to provide additional support to your network of professionals by establishing this trusted contact.

Since we require more face-to-face time with you than some of your other advisors, we try to recognize those subtle, early-on cognitive changes, when we’re still in the position to address them proactively. We can help you act quickly because, unlike an attorney, we’re not bound by attorneyclient privilege. That means, even if your attorney notices a decline in your cognitive state, they are bound to not disclose those concerns with anyone unless permission was previously granted. On the other hand, our firm will have your trusted contact in place, so we can discuss the best course of action and alert the rest of your team before it’s too late to make vital changes.

As your first line of defense, we consider it an honor and a privilege to work collaboratively with your family and trusted team. We’re here to help you navigate this sensitive transition in a way that empowers you, supports our fellow professionals, helping to protect your legacy.

Vance Wealth, Inc is a registered investment advisor. Advisory services are only offered to clients or prospective clients where Vance Wealth and its representatives are properly licensed or exempt from licensure. 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.

Figures produced using our internal calculator vary based on the following assumptions. The business owner has a separate business entity, the business owner owns a house, the business owner does not use their primary residence as their primary place of business, the business owner is filing as married filing jointly or single, the business owner’s savings may vary based on their taxable income, tax bracket, rental price and days home rented to the business. The figures used are generalized and not indicative of actual results, which may differ substantially. This does not reflect the impact that material economic and market factors may have had on decision making. The results shown were achieved by means of a mathematical formula. If you qualify for a QBI deduction your net benefit may be reduced.