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FINANCE
How Involved Should Your Family Be
IN YOUR WEALTH MANAGEMENT?
by Jill Ciccarelli Rapps, CFP®
Financial Advisor
I f you’re like most,you have spent a considerable amount of time and • Discuss the process of wealth and asset
energy on developing and growing your current level of wealth. All transition with them fully. This can help them
that hard work really does reward in more ways than just financial understand what to expect so they aren’t
– the pride and contentment you can feel knowing that you have frustrated or challenged by the process.
created something is very satisfying.
• Explain the basics of the division of assets
But there is much more to life than just money and wealth; the so nobody faces any surprises. This can help
intangible legacy you leave your family is likely just as important to make the transition process a bit easier as well.
you as anything else. However, many find that it is hard to involve their
family in their wealth management efforts. There are plenty of reasons • Ensure that the people who are to be
for this and it’s worth taking a few minutes to look at some basic points in charge of different aspects of your assets
to figure out just how involved your family should be. understand how to properly manage them
and align them in such a way that it benefits
It’s important to note that no two families, individuals, or wealth the family. Many times, a dress rehearsal is appropriate; giving them a
management scenarios are the same. As such, the final decision will certain amount of money to manage and see how they do.
always be up to you. However, looking at the following things can
certainly help you make the right decision. Taking these basic steps can help you get more from the process
of preparing and planning wealth and ensure that you are able to give
How Involved Are They Already?
The first step is to look at just them everything they deserve.
how involved your family is in your assets and wealth at the current
moment. For example, are you a business partner with a son or sibling? Why Involve Family?
Obviously, some will feel that involving the
Do you just employ a few loved ones? If your loved ones are already family isn’t prudent. But consider the simple fact that these are your
involved in the wealth generation, you may want to take extra steps to loved ones, and that while it can seem like a hassle or a burden, it is
involve them further in your wealth management plans. something that they will likely want to be a part of to some degree.This
in turn can help you rest easy knowing that they are prepared and aware
What Is Your Plan?
Once you move past figuring out who is of what is to come and that they can handle the responsibilities.
already involved, you need to figure out your overall financial wealth
plan. This can be far more difficult than many realize, especially when If you need help with the planning process or want to consult with
you consider things like: someone about just what the best steps are for your specific situation,
• Will you set up a living trust or a standard trust? Who is the trustee Ciccarelli Advisory Services, Inc. can help. Contact us today to find
to be? out more about your options and what we can do to help you and your
• Who gets what? family prepare for the future in the best way possible.
• What about non-monetary assets and wealth?
Jill Ciccarelli Rapps, CFP®
That last factor can be a hard one to discuss with loved ones, and it is www.CASMoneyMatters.com
easy for feelings to be hurt and for loved ones to feel slighted.The more
you can communicate to your heirs, the more significant your legacy Ciccarelli Advisory Services, Inc. is located at 9601 Tamiami
can be to make a difference in their lives. Trail North, Naples, FL (239.262.6577)
PREPARING YOUR HEIRS Jill Ciccarelli Rapps, is a certified financial planner and a trained life coach
and is a Partner of Ciccarelli Advisory Services Inc., a Family Focused Wealth
A lot of time is spent by anyone preparing their living trust,
organizing their will, generating wealth, and more. But something that Management Firm in Florida and New York.
is often overlooked is simply the process of preparing your heirs. While
you may decide not to involve your family directly in the process of Ciccarelli Advisory Services, Inc. is located at 9601 Tamiami
planning out your wealth management efforts, it’s a good idea to at least Trail North, Naples, FL (239.262.6577)
prepare them.
Investment advisory services offered through Ciccarelli Advisory
There are numerous issues that can come from an ill-prepared heir Services, Inc., a registered investment adviser independent of FSC Securities
situation, ranging from hurt feelings to difficulty with asset transition Corporation. Securities and additional investment advisory services offered
to trouble properly managing the wealth once it is in their name. through FSC Securities Corporation, member FINRA/SIPC and a registered
Preparing your heirs early on can help with this dramatically. A few
points to remember: investment adviser.
76 Life in Naples | December 2015
