Financial security is important for everyone. Not everyone gets there via the same path, however. Differing personal and economic circumstances mean building wealth comes differently to different people. This is why it is important to work with a financial and estate planner who not only understands finances and future planning but also takes the time to understand you.
Despite common misconceptions, financial security is not about having money so much as knowledge. This is especially true for those whose family structure deviates from traditional norms.
Blended families are increasingly common. More and more people are finding love later in life. Growing numbers are discovering their family outside of their nuclear bonds. Love is gaining broader and more open expression but legislation isn’t always up-to-speed.
Historically, building wealth has been about accumulating successive generations of family money. For our grandparents and even our parents, this notion assumed a narrow definition of “family” that no longer represents many peoples’ reality. Nonetheless, this definition remains the de facto legislative assumption which means non-traditional families need to take extra care when protecting assets.
Barriers to Building Wealth: The Knowledge Gap Effect
The fact that it’s harder for non-traditional families to manage wealth means that fewer do so. Statistically, families that deviate from the norm pass on less generational wealth. Their loved ones thus inherit less financial security and, in turn, pass on less of the same to their loved ones.
The fact that some struggle more than others to gain firm economic footing isn’t just about dollars and cents, though. It’s also a result of families with less money knowing less about money management.
When you don’t have a robust financial plan or estate plan because the systems you are familiar with were not designed for a family like yours, you pass on less financial planning knowledge to your loved ones.
Like generational wealth, generational knowledge accumulates and so, with time, some families find it easier to stay on top of their finances than others. Luckily, there’s a fix for this pattern.
Protecting Assets When You Don’t Fit the Mold
If you don’t have a husband or wife, a white picket fence, and two and a half children (i.e. the American cookie-cutter family), or you have step-kids or multiple prior marriages, the surest route to financial security is via professional counsel. An estate planning attorney or financial planner experienced with the unique challenges faced by those who don’t fit the mold helps you both protect your assets and gain the knowledge needed to do so for generations to come.
To learn more about getting your affairs in order and protecting your family’s long-term economic future, do not hesitate to reach out to the Estate Planning Law Group of Georgia either by calling 770-822-2723 or using the contact form on our website.
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