New Year Planning
Protecting and Growing Generational Wealth
By MARC ERAZO
Great Falls Branch Manager, Lafayette Federal Credit Union
A new year brings opportunities to reassess your financial journey and help your family achieve financial success.
Whether passing down wealth or discussing plans with your parents, consider these strategic moves:
- Create a comprehensive will and consider trusts to manage and distribute assets. Trusts create paths to pass on assets with minimal impact.
- Use a diversification strategy with your investments. Consider creating a family investment partnership to pool resources into a single entity to manage and grow wealth collectively.
- Educate family members about financial management, share your knowledge, listen to concerns, and look for answers that benefit everyone.
- Establish a family foundation to manage charitable giving and instill a sense of responsibility and legacy.
- Consider Family Limited Partnerships (FLPs) for control and tax benefits, and even Limited Liability Companies (LLCs) to protect assets and provide flexibility in managing investments.
By combining these strategies, you can help ensure your family’s wealth is preserved and passed down through generations.
The information provided in this article is for general informational and educational purposes only and does not constitute financial, investment, legal, or tax advice. Lafayette Federal Credit Union is federally insured by the NCUA. Membership required.
