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From a Mother's Heart: 7 Financial Steps to Safeguard Your Children's Future

7 Financial Steps to Safeguard Your ChildrenNobody ever claimed that being a Mom was easy. There are daily challenges that begin with diapers and potty training and continue through every stage of life.  Who can relate to trying to get your children to eat their food or the ordeal of just trying to get them ready to go out the door? I swear a giant tree sloth moves faster than your kids when you're in a hurry!

However, these are all labors of love and not the hardest part of being a Mom.  All of us parents know the feeling of worrying about our child.  Whether it’s the tears on the first day of pre-school or the sleepless nights when your little one is sick, it's gut-wrenching.  I never knew there were so many things to worry about.  Unfortunately, I’m going to add one more thing to your list:  What happens when you are no longer there for your child?

Whether your child is still a baby or a full-grown adult, the very thought of your child’s well-being after you’re gone will grip you with terror.  The sad part is, you never know when it could happen.  Many things are out of your control.  However, one task you can do to protect your family after you’re gone is to to get your financial house in order.  Now.

We all probably have good intentions when it comes to preparing for this inevitable future, but it’s easy to procrastinate. I get it!  I'm a mom, too!  As moms, we are busy and typically attending to our children’s immediate needs.  It’s an intrinsic part of our being to ‘fuss’ over our kids.  However, many parents neglect to plan for the future. 

I’ve seen first-hand the differences between families that have planned with a financial professional and those that haven’t.  I’ve seen the tsunami of challenges for the children, grown children too, after a parent's death.  I believe if parents truly understood the impact their death could have on their children, beyond the emotional loss, they would immediately step up and get their financial life in order.

There is no question that wealth can bring a family together and just as easily tear a family apart.  As an advisor, I have seen the trauma that occurs when someone passes without legal documents and no plan.  Assets may be unprotected, and children are squabbling over property and legal rights. It’s not pretty, and it’s not fun.

Here are 7 financial steps for every woman who wants to protect their children's future:

  • Write your Will: A will formalizes your wishes for how you want your assets handled after your death and to whom they should be gifted.
  • Select an Executor: The executor will handle your estate including taxes and distributions but be sure and select someone that has some financial savvy and introduce your executor to your financial professional.
  • Consider a Trust: Trusts can help even those with smaller estates to protect the assets and ensure they go where you intend.
  • Pass assets now: While there are often tax benefits to some there is double pleasure in experiencing the joy of helping your children during your life.
  • Assign a Power of Attorney: this is a person whom you trust to make decisions regarding your health, future and financial life in case of your inability to make decisions for your life.
  • Update your Beneficiaries: the beneficiaries stated on life insurance, IRA’s and annuities supersedes your will.  Check all these documents to ensure your wishes will be carried out.
  • Request a Free Copy of “The Generational Wealth System”: If you're serious about ensuring a stable future for your children and preserving your family's wealth, I highly recommend picking up a copy of my Amazon Best-Seller “The Generational Wealth System”. This book goes beyond traditional financial advice and explores holistic strategies for protecting your family's financial future. Your sacrifice and saving should aim for more than just a secure retirement; it should aim to leave a lasting positive impact on your family for generations to come. Visit wealth-book.com to get your free copy.

I realize this is a difficult topic to contemplate.  It nearly brings me to tears sharing this advice.  However, it’s important.  It’s also just the starting point for providing some peace for yourself and your family.  Working with a Financial Planner and an Estate Planning Attorney to establish a comprehensive plan can provide financial rewards for you and your family while offering some comfort to all.

McBeath Financial Group's CEO, Krista McBeath, is an Investment Advisor, Chartered Financial Consultant, a Licensed Insurance Advisor, a Fiduciary, and an experienced tax advisor who specializes in financial planning, investments, and insurance. Her team utilizes advanced tools for in-depth calculations that analyze tax and retirement scenarios to help their clients avoid a future tax time-bomb. Whether this means enjoying more of your hard-earned money in retirement or passing along assets to loved ones with less tax burden, planning makes the difference.

Krista's Amazon best-selling book, The Generational Wealth System outlines a holistic approach to preserving lifestyle, wealth and legacy.

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