Tom Meaglia photo

Tom Meaglia, ChFC®, AEP®,

CLU®, CRPC®, MSFS

Chartered Financial Consultant

Investment Advisor Representative

Chartered Retirement Planning Counselor

CA Insurance Lic. #0567507

 

Meaglia Financial Consulting

2105 Foothill Blvd., #B140, La Verne, CA 91750

 

Toll Free: 800-386-3700

Bus:         909-593-6105

Cell:         818-681-8600

Fax:         909-593-6120

 

Email: tom@meagliafinancialconsulting.com

Website: www.meagliafinancialconsulting.com

March/April 2023

Preserve Generational Wealth

Two generational family celebrating with champagne on yacht

Creators of generational wealth have many talents. People with a high net worth (HNW) have learned how to build businesses and create succession plans. They understand the importance of tax strategies to preserve wealth and estate planning to pass on that wealth.


However, stories abound of families that squandered inherited wealth. There is a good chance this occurred because HNW parents did not instill financial responsibility in their children. You can teach your children and grandchildren to preserve wealth by emphasizing the importance of establishing the following three factors:


Emphasize a Work Ethic
Whether you run a business or a foundation, your children need to understand the importance of a strong work ethic. Your obligation is to teach them everything you know. Their responsibility is to listen, learn and work. Wealth doesn’t happen by itself. It is created and preserved.


Create a Value Statement
A work ethic is only one value that has helped you accumulate wealth. You run your business, your charitable endeavors and your life by adhering to values and unwritten rules. Why not work with your children to put your values into words, incorporating their input where possible? A value statement gives your children a road map that provides clarity and certainty.


HNW individuals work as hard to transfer wealth as they do creating it.


Never Stop Communicating
Many high-net-worth families experience conflicts and even a wealth drain when they don’t communicate regularly. Communication is a two-way street, so be prepared to receive input as easily as you give it.


For example, communicate with your children regularly to learn about their skills and level of interest in your enterprise. If one child wants nothing to do with your organization(s), you can work with your financial professional and estate planning attorney to draft a plan to equalize your estate for the non-successor in your family.


From cradle to grave, your children can learn to live in ways that help ensure your estate is preserved for generations to come.


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Thomas Meaglia is an Investment Adviser Representative of Coppell Advisory Solutions LLC, dba, Fusion Capital Management, a registered investment adviser that only conducts business in jurisdictions where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment adviser is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability. The firm is not engaged in the practice of law or accounting.
Insurance and annuity products are not sold through Fusion Capital Management. Fusion does not endorse any annuity or insurance product, nor does it guarantee any insurance or annuity performance. Annuity and life insurance guarantees are subject to the claims-paying ability of the issuing insurance company. If you withdraw money from or surrender your contract within a certain time after investing, the insurance company may assess a surrender charge. Withdrawals may be subject to tax penalties and income taxes. Persons selling annuities and other insurance products receive compensation for these transactions. These commissions are separate and distinct from Fusion's investment advisory fees.
Meaglia Financial Consulting and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.

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