Workshop Fourteen

🧭 Mission Briefing

🎯 What is Generational Wealth?

Assets, opportunities, and financial know-how passed to future heirs so each generation starts ahead.

🎯 Why It Matters

• Compounding + time turn steady contributions into significant assets.
• Planning keeps assets invested, protected, and transferred efficiently.

🎯 Core Builders

• Investments: diversified index funds/ETFs, long-term focus.
• Real Estate: affordable, cash-flow-aware, properly insured.
• Business Ownership: systems and customers that can be transferred or sold.

🎯 Legacy Planning Tools

• Will: who receives assets; guardians for minors.
• Trusts: Revocable (changeable; helps avoid probate, aids incapacity planning) vs Irrevocable (less changeable; may offer additional protections).
• Beneficiary designations: 401(k)/IRA/life insurance can transfer directly to named people.
• Powers of attorney & health directives: decision-makers if you’re unable.

🎯 Education Vehicles

• 529 plans: tax-advantaged savings for qualified education costs.
• Custodial (UGMA/UTMA): owned by the child; rules and taxes vary.

🎯 Protect the Plan

• Life insurance for income replacement and liquidity.
• Adequate homeowners/renters and liability coverage.
• Maintain organized records: accounts, contacts, document locations.

🎯 Risks & Pitfalls

• No plan → state law decides; delays and costs (probate).
• Outdated beneficiaries → assets to the wrong person.
• Family conflict, avoidable fees/taxes, lost documents.

✅ Action Checklist

1. Draft/update your will.
2. Update beneficiaries on retirement accounts & life insurance.
3. Consider a trust for control/efficiency (get qualified advice).
4. Start or fund a 529 plan.
5. Hold a family money meeting; share values and roles.
6. Review yearly and after major life events.

Educational content only—consider consulting qualified legal/financial professionals for your situation.