Give Now or Give Later

For centuries there were families that hung in the balance awaiting the king to choose which heir would be the successor. All too often the choice of successor was whispered with their dying breath. When portrayed in today’s movies it makes for great entertainment.

When it comes to your hard-earned wealth, do you want to do something that makes for “great entertainment” one day?

A common mistake today is to leave an inheritance at the end of your life. Why not begin giving it during your lifetime so you can see the effect it has on your beneficiaries?

Not knowing how much you need for yourself, and an inadequate test of how long your wealth will last is usually the cause for not doing something now. It also requires thorough thinking, asking the right questions, detailed analysis, and time to consider the best options for the benefit of each family member.

The more thoughtful, thorough, and informed your decisions are about the inheritance issue, the greater the probability that the financial legacy will serve the purpose you intend. Let’s assume that the ultimate purpose is for your children to be happy:

• Will simply giving more money actually make them happier?
• How will the intended inheritance create more opportunities for them to flourish?
• Will giving some portion of the inheritance now while you’re able to see the results help you to make decisions about the impact of their inheritance on their happiness?

_____________________________________________________________________________

Boomfish Wealth Group, LLC, DBA Wealth With No Regrets®, is registered as an investment adviser and only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements. Registration does not constitute an endorsement of the firm by securities regulators nor does it indicate that the adviser has attained a particular level of skill or ability. Content should not be viewed as personalized investment type of advice. All investment strategies have the potential for profit or loss. Tax, legal, and estate planning information is general in nature. Always consult an attorney or tax professional regarding your specific legal or tax situation. Investing involves risk, including the potential loss of principal. Any references to protection benefits generally refer to fixed insurance products, never securities or investment products. Insurance and annuity product guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company. Neither Boomfish Wealth Group, LLC, nor Wealth With No Regrets® is engaged in the practice of law or accounting.  We are an independent financial services firm helping individuals create retirement strategies using a variety of insurance and investment products to custom suit their needs and objectives This material is intended to provide general information to help you understand basic financial planning strategies and should not be construed as financial advice. All investments are subject to risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. The information contained in this material is believed to be reliable, but accuracy and completeness cannot be guaranteed; it is not intended to be used as the sole basis for financial decisions. It is important that you do not use this information to request, authorize or effect the purchase or sale of any security, to send fund transfer instructions, or to effect any other transactions. Any such request, orders, or instructions that you send will not be accepted and will not be processed.