Protect your family’s financial future

Setting your family up for long-term success means preparing for the expected and unexpected. The pandemic demonstrated how quickly unforeseen circumstances can disrupt our lives. It also showed the value of having a long-term plan in place to protect your assets and your family’s future. Here are some things you need to do to be ready.

Estate planning is less complicated — and more crucial — than most realize. These documents help protect you and your loved ones. Meet with an attorney to set up these documents that can protect you and your loved ones.

Take a look at your current insurance coverages and decide what’s best for you. Whole life and term life insurance may help to provide for your family if you’re not there to support them. Long-term disability insurance can help preserve your family’s financial stability and fund your goals if you can no longer work.

Assets in retirement accounts and life insurance policies pass to beneficiaries named on the accounts.^{Footnote 1} As you establish new financial accounts, make sure they are titled in a way that matches your wishes (for instance, is it a joint or individual account?) and designate both primary and contingent recipients.^{Footnote 2}

Reducing taxes — for yourself and your estate — is a key part of wealth preservation. For tax questions, consult an accountant. If you’re planning to help fund college, consider plans that allow education savings to grow tax-free.

Teach children the basics of financial literacy, including the importance of saving, budgeting, and long-term planning. In doing this, you’ll help set up future generations for continued success.

While these can be challenging conversations, explaining your intentions can help keep them more positive for your family and help to ensure your wishes are met.