The old adage of shirtsleeves to shirtsleeves in three generations (or less) is true unless you apply some intentional education and planning. Families often have difficulty communicating clearly across the generations. Clients come in with these types of questions: How much should we leave to our children? At what point do we discourage their initiative? Should we leave money to our children outright or at different ages? Should we set up a family foundation to teach our money values to our children and grandchildren? These questions and many more are part of our discussions with clients, and we have tools to thoughtfully and carefully build solid foundations for developing principles for handling money and wealth.
Of course, sound tax, investment, and wealth preservation strategies are critical as well. The experienced White Oaks team made up of three CERTIFIED FINANCIAL PLANNER™ professionals, a CPA and a Chartered Financial Analyst® with decades of intelligent, thoughtful, and practical experience of providing solutions, can bring the process together to serve each generation of your tribe.
Case Study: Aging and Financial Dealings
In over 30 years of business, we’ve watched our clients welcome children and grandchildren, adopt pets, see the world, and celebrate weddings, anniversaries, and birthdays.
And as these years go by, we are all reminded, at one time or another, of the aging process. Sometimes functions previously performed independently arise as a challenge to older individuals.
In one situation, we noticed a change in how a long-time client, Phil, was communicating with our firm and dealing with financial matters.
Phil was 79, and had always taken a front row seat when dealing with his finances…
Case Study: An Incomplete Estate
It was important to them to provide for their children and grandchildren, because Susan and James’ post-retirement life revolved entirely around their close-knit family. The couple hosted beautiful brunches almost every Sunday morning in their, home complete with a centerpiece of fresh flowers from their garden. Susan and James wanted nothing more than ensure they left their favorite people with the resources and capacity to continue family traditions. They crafted their estate plan with the intention that it provided the maximum dollars that could flow to the next-generation estate, and be done so tax-free…
Case Study: Family Money Discussions
They were parents to three adult children, each with their own unique personality and direction in life. As with virtually all families, their children had varying financial statuses and needs. One son was a father himself to two college-age children. Their middle child had just returned to school for his MBA, and their youngest was a freelance photographer, prone to frequent backpacking trips in Asia.
Their parents had been generous- making gifts to their children as well as annual charitable donations, but Joan and Sam had concerns regarding just how much their family should know about their current net worth and estate plans…
White Paper: Costs of a Second Home
Many people reach a point in life where they consider purchasing a second home. They might be preparing to retire in another part of the country, hoping that the property they purchase today will become a good investment in the years to come. Other people buy a second home to enjoy right now as a place to escape the weather, to gather with friends and family, or to relax and pursue leisure activities. And then there are people who consider vacation properties to be prime investments.
White Paper: White Oaks Private Vault
Keeping track of important papers and documents is part of keeping oneʼs ﬁnancial house in order. Tax returns, wills, trusts, property descriptions and insurance information all need to be accessed at various times. Yet, have you ever found yourself looking for an important document like a will or tax return and can’t ﬁnd it? You know it’s somewhere (and it is) but where? Have you ever needed to deliver a document (or several) and ﬁnding it, copying it, and getting it mailed or FedEx’d and hope you’ll never need to do that again?.