Ask an Advisor with Caleb Boy: Financial Planning for your Loved Ones
Show Your Love Through Thoughtful Financial Planning
Valentine’s Day is a perfect time to reflect on those we love and how they fit into our financial priorities. Family is often the center of our lives, and ensuring your financial plan supports your loved ones is one of the most meaningful ways to show you care. Whether you’re newly married, raising children, or enjoying the joys of grandparenthood, here are a few ways to align your finances with your family’s needs:
- Keep Your Beneficiaries Updated
Life changes—like marriage, the birth of a child, or even divorce—mean it’s important to review and update your beneficiary designations regularly. This simple step ensures your assets go to the right people and helps your loved ones avoid unnecessary complications during an already challenging time. - Invest in Education With 529 Plans
A 529 plan is a thoughtful way to contribute to a child or grandchild’s education. These plans allow your investments to grow tax-free, provided the funds are used for qualified educational expenses. And with recent rule changes, unused 529 funds can now be rolled into a Roth IRA, providing even more flexibility and long-term benefits. - Plan for Family Support in Retirement
If supporting your family financially during retirement is important to you—whether it’s helping with living expenses or other needs—be sure to include it in your retirement plan. Strategic planning can help you meet these goals while managing withdrawals and navigating potential tax consequences effectively. - Pass Down Wealth Efficiently
Leaving a legacy for your family is a common goal, but doing so in a tax-efficient and streamlined manner is key. Whether through trusts, step-up basis strategies, or other estate planning tools, there are many ways to protect your family’s inheritance and help them build generational wealth.
These are just a few ways to reflect your love for your family in your financial decisions. Thoughtful planning today can make a lasting impact on their future. If you’d like to explore how these strategies apply to your financial house, I’d love to help. Call me at (615) 457-3481 or email caleb@wealthstrategiespartners.com—together, we can ensure your finances reflect the care and commitment your loved ones deserve.
Opinions expressed in the attached article are those of the author/speaker and are not necessarily those of Raymond James. All opinions are as of this date and are subject to change without notice. The forgoing is not a recommendation to buy or sell any individual security or any combination of securities. Investors should consider, before investing, whether the investor’s or the designated beneficiary’s home state offers any tax or other benefits that are only available for investment in such state’s 529 savings plan. Such benefits include financial aid, scholarship funds, and protection from creditors.