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Gifting and Generational Planning

Gifting & generational planning passes wealth to the people that matter most. Our experts can help you help loved ones when they need financial support.


Planning for the future is often a daunting process since it requires the person to make a myriad of decisions that might be very challenging at first. However, with experienced help, things can be much smoother, especially if a knowledgeable professional from The Kelley Financial Group guides them.

Clients Often Discuss the Needs of Their Immediate Family

When people start planning their future, they often focus on their immediate family and their most pressing needs. This is an effective approach at first, especially if the person is slowly building their wealth. 


However, once they gain some financial stability, broadening their perspective may be beneficial if they want to preserve and augment their wealth.


Oftentimes, when a person hires an advisor, they don't know what to ask them, especially if they're working with a financial advisor. There is a lot of misinformation online, which could lead people to falsely believe that the professional must have all the answers.


Although it's the advisor's job to have the necessary knowledge to guide their client, one must know what they want and ask as many questions as they need to understand the process and make their decisions.


One of the most crucial aspects that clients may discuss with their advisors is generational planning, and more specifically, financial planning beyond their immediate families. Once they can meet all their pressing needs, a client may decide it is time to expand their monetary borders and start working to secure their children's and spouses' long-term futures.


The Kelley Financial Group has years of experience in guiding businesses and individuals through complex financial matters.

Areas the Clients Can Discuss with Their Advisors

Although gifting and generational planning sound like two topics that are straightforward to discuss, if the person wants to succeed in organizing their assets for the future, they must understand the areas they need to approach. The following are a few examples:


This area is somewhat self-explanatory. Once the client hires a financial advisor (especially if it's from The Kelley Financial Group), they should discuss potential opportunities for their business (if they already have one).


The client must determine, for example, who will own and run the business once they pass away. There are other things they might need to prepare too, and the financial advisor is the one who can give accurate suggestions to people so they're able to plan and decide accordingly.


If the client is still working, they must think about the time when they would like to stop (or when they'll have to, regardless of whether they want to or not). In the context of generational planning, this does not only involve them but also their whole family.


Financial advisors help people understand what happens once the client stops working in terms of their family's finances. They can also help them determine appropriate strategies to diminish the impact of their stopping work, as well as other strategies to handle the change of money influx.


People's health is an essential aspect of their financial planning, even though not everyone considers it to be.


If anyone in the family has a health issue that could constitute a financial problem, then this is something that the client needs to address with their advisor. The professional might suggest Medicare, specific insurance, employer insurance, or even options for long-term care.


All of the previously mentioned aspects are related to money in some way, but in this area, the client must focus on the specific aspects of it. Taxes, deductions, earnings, and savings are some of the most notable examples of subtopics they can address with their financial advisor.


If the person has a spouse, financial advisors often recommend both of them equally participate in the discussion. Otherwise, they might not agree on all decisions, and in some tragic scenarios, one of them could die before they can come to a conclusion on what they must do.


A spouse dying, for example, can certainly complicate monetary decisions, which is why financial advisors often encourage couples to participate in the decision-making process.


Talking freely and openly about family matters can be an essential aspect of discussing things with a financial advisor. Even though it seems unimportant, once the client starts doing it, they might uncover monetary needs they didn't know they had.


Clients should talk about potential changes in the future of their family, for example, adoptions, giving birth, divorces, moving out, buying properties, etc. Financial advisors can suggest some things based on their ideas and help them shape the future they want.


A crucial part of generational planning is to consider the individual's goals as well. Just because their family is now taking the spotlight doesn't mean that the financial advisor won't take their individuality into account.


In this aspect, financial advisors often encourage clients to voice their thoughts on what they want their financial future to look like. On many occasions, people might notice they want to achieve certain things, and the advisor can help them create strategies in pursuit of those goals.


Another area a person should discuss with their financial advisor is retirement, which is also part of generational planning and gifting.


A client retiring is just as big of an impact as stopping work or adopting a child. Thus, people should start planning this process as soon as possible.


If the person has some other worries or questions, they can address them once they discuss the rest of the areas with their financial advisor. Even though sessions might be lengthy at first, once they start seeing the progress of their generational planning, they might be much more relaxed due to what they have ahead of them.

Hiring a Financial Advisor Could Change Everything

Once the person understands the importance of generational planning, hiring a financial advisor becomes clear. Advisors at The Kelley Financial Group are ready to help clients, assess their needs, listen to their worries, and help them shape the future they want.


This material was prepared for The Kelley Financial Group’s use.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a decision. The Kelley Financial Group and LPL Financial do not offer tax or legal advice or services. We suggest that you discuss your specific situation with a qualified tax or legal advisor.

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