No two people are alike, and no two families are alike. More and more often, families are being created and shaped in nontraditional ways and continue to change the way we think of families, such as single-parent families, blended families, same-sex households and children as caregivers for aging parents. In a way, nontraditional families are more the norm than the exception.
As more and more boomers reach retirement age, trillions of dollars in family wealth are going to be transferred from older to younger generations. But many heirs (and their advisors) are not prepared.
There are several issues that should be addressed quickly whether your expected windfall is from an inheritance, a business sale, a large bonus, or winning the lottery. Below, we share five crucial steps:
John has made strides in his career so far as an anesthesiologist. To date, he has only worked as an employee of a group practice affiliated with a hospital system. Now he has enough experience and financial flexibility to consider pursuing his own independent practice.
John is an anesthesiologist. He has worked long and sometimes stressful hours for many years and has reaped the rewards of his profession, often earning more than $300,000 in a year during his career.
John makes a good living as an anesthesiologist, earning more than $300,000 a year. His wages are the main source of income for his family of five.
As a LGBTQ financial advisor, my clients tell me they hear this baffling question often, “You’re gay, you must be loaded right?!” There is a misconception that marriage and kids are traditionally that of a heterosexual relationship, and that as LGBTQ individuals we must have more money because we don’t spend it on kids and that we can keep our money independent of our partner’s so there is no need for this “family money” nonsense.
Marriage equality helped to level the playing field for same-sex marriages. Even with this huge leap forward, there remains many legal inconsistencies from state to state for those who are lesbian, gay, bisexual, transgender, or queer (LGBTQ).
Most clients do not expect to have an in-depth discussion about disability insurance with their wealth management advisor.
Do you have an exit strategy for your business or career? Whether you are a corporate executive or a business owner, there will come a time when you want, or need, to transition to the next phase of life. Done in advance, this can be an optimistic process, it should define how YOU want to exit. As the plan develops, there will be reality checks and alternative paths to consider, but at this point it should be a framework of how you want the future to look. If not done in advance, it will be reactive and prone to unnecessary doubt and anxiety at an already stressful time.
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