Tranel Talks Column

Retirement Planning: Generational Wealth Planning

Time to read: 4 minutes


The Tranel Financial Group would like to share how we take our clients through Generational Wealth Planning. This is something that is important to everyone as you’ve accrued or accumulated wealth over your lifetime.

The first step is reviewing their financial plan and talking through how they want to leave their assets to their loved ones. Most of our clients have not had this conversation with their spouse or their family members. Typically, in a gentle way, clients look at each other and understand that we are now talking about death, which it can be uncomfortable and that is why we are here to help.

The truth is that we’re all eventually going to die and ultimately, and we should be financial preparing. Now we start to meet with the clients year over year to update different areas of the financial plan, trust and/or will as we know that change is common factor in our lives.

When we reach out to our clients year over year – we’re going through a formulated checklist of how everything is currently set up to transfer, this is who will be receiving it at this percent, and these are the efficiencies or inefficiencies in this plan.

A term we use with clients – “Planning avoids pain.” Most clients will look at us and say well I’ll be passed what pain are we talking about? The trust is, it’s not the pain of you, it’s the pain of your loved ones. Let’s put yourself in their shoes and something has happened incorrectly, something didn’t have a beneficiary listed to it and now it must go through probate. That typically leads to fighting due to multiple children being involved or having different ways of wanting to honor you. Another example to think about is ex-spouses’ and how money can get very sticky and sometimes get very messy. Planning now can help avoid that pain, so ultimately you can allow your loved ones to enjoy the money that you’ve left over not fight over it.

At The Tranel Financial Group, we want to help you leave a legacy in a positive and impactful light. As we said, planning avoids pain, and we want to help you and your family achieve their ideal financial life. We are here to help you through every stage, and this is an important stage that most people do not want to talk about but we are trained to help you have the uncomfortable but necessary conversations.

If you would prefer to listen, please click the YouTube Video below to listen to Tyler Braun, Financial Advisor, talk about generational wealth management.