The family farm is worth much more than just money. She’s a legacy, rich with tradition and history. Our hope is to pass that legacy down to loved ones, one generation after the next, in the most prudent way possible.
The family structure or how we own what we own is paramount to the success of a family’s financial plan. How you own what you own is the foundation of this plan. We should also be mindful of minimizing or eliminating, to the extent possible, unnecessary income and estate taxes, while not sacrificing income or control to the senior members of the family. This structure should also incorporate protection from unforeseeable liabilities, such as bankruptcies, lawsuits and divorce.
Organizational structure is one of the most important and overlooked aspects of a financial plan. How we own what we own determines how your assets are disposed of during your life and after. If you have not recently (within 3 years or life event) reviewed your beneficiaries and account titles, the time is now.
When asked, “Who are you?” What is your answer? Most people answer according to how the world see’s them. This usually consist of their occupation and where they live. “I am a farmer from the Arkansas delta.” “I am a mom, raising two young children, and I live in Santa Monica.”
We are all struggling to find out who we truly are and nobody but you can define this. For me, as a financial advisor, this is the first step to learning more about what matters most to you, where you want to go in life.
“Mindful Wealth Management” written by Charles Kochel, Wealth Advisor at Yield Wealth Management. 
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