Family Life and Wealth PlanThe Family Life and Wealth Plan is a mental concept who’s legal and social structure will vary from family to family based on their individual situation. Based on the philosophy of “True Wealth Accumulation” the document should become a dynamic guide to all the family members and the adviser to create the proper legal structure to support the family goals and establish the guide-lines for the day to day administration of the “Family Life and Wealth Plan”.
Life is too short and everything we do that is outside our focus area, regardless of its success or failure, can be a distraction. Taking the time to evaluate your values, goals, beliefs and passions and to share them reinforces your higher purpose and gives you immense clarity and focus on those activities that will generate the greatest results for you and your loved ones.
“How do I get started?” you ask;
1. Just start! Do something! Set aside some time to be alone with your thoughts. If you are married, talk it over with your spouse and each of you work at it separately to begin with.
2. Start with “The Purpose”. Why do you want a written document that expresses your values and intentions regarding the accumulation, presentation and use of your true assets? What role do you set in planning with your family, advisors and future heirs?
3. Write about your “Family Wealth History”. To what do you attribute your True Wealth? Not just your Financial Wealth, but your Human and Intellectual wealth as well.
4. Identify what you perceive to be your “Responsibilities and Obligations” to your True Wealth. Are your assets just for your benefit while you are here or is there a higher or lasting stewardship responsibility?
5. What is your “Motivation” for the use of your financial assets?
a) Do you want it just to go directly to your children or…..
b) Would you rather it was a resource available as needed or wanted based upon some criteria or…
c) A combination of both? (In my Family Life and Wealth Plan, I have left a modest direct inheritance to my children. The balance is protected and preserved as a resource for my children and future heirs as needed for…
d) Do you have a charitable interest? Identify causes most dear to you. Where would you like to make a difference? Don’t be afraid to think big! If so, do you want it to go outright or would you rather it stayed under the control of your family offering continuing support to your favourite causes?
e) How do you wish to prepare future generations for the optimum utilisation of your assets?
f) What attributes do you value most? What are those values you wish emphasized in all of your planning and in the entire decision making?
g) Identify what financial independence would be for you and why that is important?
6. What legacy do you wish to leave your family?
7. What legacy do you wish to leave society?
8. Sign and date it?
Remember this document is dynamic. Begin the journey—you will make improvements, do it! and you will increase your CLARITY, BALANCE, FOCUS AND CONFIDENCE!
If you would like help achieving financial freedom or planning for your future today, we would love to hear from you!
Dean Kavanagh Financial Services Phone: +61 2 9954 5888
Fax: +61 2 9954 5895 Email: enquiries@dkfs.com.au Level 7, 80 Arthur Street,
North Sydney NSW 2060 PO Box 548Milsons Point NSW 1565
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