Get ahead financially in 2020 with this savvy, generational planning 4-step process

Learn financial concepts, prepare beneficiaries

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SAN ANTONIO – Communication from one generation to the next isn’t a natural process.

Going over finances can be overwhelming at times.

And that’s why the Texas Financial Advisory gave us some tips on how to plan, communicate, execute the smooth transfer of assets and values from one generation to the next.

Step 1: Define the family culture

When you define your family culture, it helps to strengthen everyone’s place within the family.

What values, traditions and models of behavior are important to your family as a whole?

It sets important standards that govern overall behavior as well as what you do with your money. Family traditions are great for establishing a sense of identity for each family member.

Topic areas: Positive values, family traditions, models of behavior.

Step 2: Set family goals (college education, homeownership, retirement)

Set financial goals for the family and for the individuals within the family. Are you going to put money aside for your children’s college education?

Without proper planning, you may find yourselves scrambling to pay college tuition. Consider if you want to invest in homeownership and your plans for retirement.

Topic areas: College education, homeownership, retirement, family vacations, long-term care.

Step 3: Learn financial concepts

When your family learns to budget, it can help you allocate some income toward saving for future goals.

Topic areas: Budgeting, credit, taxes, IRAs and retirement plans, investing.

Step 4: Prepare heirs and executors (beneficiaries)

Prepare beneficiaries to receive their inheritance so they’ll know what to do when the time comes.

Need some help with your finances? The Texas Financial Advisory is a holistic comprehensive planning firm focused on investments, tax and estate planning.

For free educational workshops from Texas Financial Advisory, text the word “EVENT” to 844-832-7469.

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