By Wall Street Journal Custom Content
The complexities of estate planning can leave any investor’s head spinning. In addition to ensuring all legal documents are up to date and accurate, it’s important to consider tax implications as you prepare to create a lasting legacy for your family. Many independent financial advisors can help you find the expertise you need.
“To preserve wealth for their beneficiaries, we would encourage families to create an estate plan,” says Joseph Zappia, managing partner and co-chief investment officer at LVW Advisors in Pittsford, New York. “And given the complexity of rules that are constantly changing, we think it’s important to consult a broad team of specialists.”
We’re in the midst of a historic intergenerational wealth transfer. While the intricacies of legacy planning can’t be ignored, there’s also an emotional side that’s equally important. Now’s the time to have an honest conversation with your children about money and values—to help them make the decisions that let them pursue their own goals even while receiving financial support.
“Investors can build a plan that provides for children, but it’s just as important to make sure they’re emotionally prepared to receive that wealth,” says Contey Smith, an independent advisor at Elwood & Goetz Wealth Advisory Group in Atlanta, Georgia. “That’s ultimately a values-based consideration and it’s different for every family.”
Bottom line: A good way to make sure you are financially ready is to work with an independent financial advisor who puts your interests first. The quarterback leading your financial team, they’re your first call when the markets or your life circumstances take an unexpected turn.
An independent advisor can help you develop a customized wealth management plan that’s aligned with your life goals and values—and that gives you a holistic view of your assets. They can help you see around the next corner and provide a steady hand on the wheel during turbulent times.
Ready to learn more? Explore FindYourIndependentAdvisor.com to discover the benefits of customized wealth management with an independent financial advisor.
We offer our gratitude to the independent advisors who contributed their time and valuable insights: Tony Farina of Capital Advisors Wealth Management in Yakima, Washington; Contey Smith of Elwood & Goetz Wealth Advisory Group in Atlanta, Georgia; and Joseph Zappia of LVW Advisors in Pittsford, New York.
The named advisory firms (“Advisors”) custody some or all of their assets with Charles Schwab & Co., Inc. (“Schwab”). The Advisors are independent and not affiliated with Schwab, and their personnel are not employees or agents of Schwab. This is not a referral to, endorsement or recommendation of, or testimonial for the Advisors with respect to their investment advisory or other services. Schwab Advisor Services™ serves independent investment advisors and includes the custody, trading and support services of Charles Schwab & Co., Inc. ©2021 Charles Schwab & Co., Inc. All rights reserved. Member SIPC. (1021-1RC4)
Wall Street Journal Custom Content is a unit of The Wall Street Journal advertising department. The Wall Street Journal news organization was not involved in the creation of this content.