Stephen Cagnassola is an authorised financial expert in Netcong, NJ. Stephen work with various financial planners competent in assisting people actualizes their retirement dream while protecting your nest egg from the retirement nightmare.
Stephen Cagnassola and his Safemoneyumpire.com group have practised the art of financial planning through the generations. Their approach is customised and unique to each family, listening to client goals and addressing individual objectives of them. While making a financial plan they focused on client’s family's values so that your family wealth can be transferred effortlessly and influentially from one generation to the next and perhaps beyond. They are expertise in different areas of financial planning such as Professional Wealth Management, Strategies for Wealth Transfer, Asset Protection & Risk Management Solutions, and Strategies for Reducing Your Taxes, Charitable Giving and Family Foundations, Business Succession and Legacy Planning.
Stephen Cagnassola explaining here basic strategies which are helpful for multiple generations:
1. Longevity Insurance is an option in Retirement Account - The main factor is how long you expect your savings to last. Plan for the risks that you and loved ones could face in retirement, including inflation, taxes, market fluctuations, costs for healthcare and the potential need to pay for long-term care. Most people are thinking about growth in longevity in terms of an ageing population’s burden on society. But we have the opportunity to look at it another way— to reshape current models so that we live decades longer than our ancestors in a way that improves the quality of life at all ages.
2. Nothing of Documents – the Second factor is to ask all family members to congregate and document their personal and financial information so others can administer their affairs in a situation of an emergency. This includes refinement beneficiary designations on financial accounts and insurance policies, keeping records of online accounts and passwords, outlining specific health care wishes in a living will. People with minor children should name a guardian and financial arrangements for the children in case of the parents’ death.
3. Audacious Conversations - Sometimes it seems easier but it’s very difficult to offer emotional support and manage the demands of multiple generations, personalities, living arrangements and family schedules. When you think conflict arises, address it quickly and directly, showing you are willing to communicate.
4. Encourage Self-Reliance - it’s very necessary to encourage family members of all ages to take as much ownership of their personal finances, decisions and consequences. It assists younger people to live independently and motivate adults to handle their responsibilities rather than relying on other family members to do so. Individual financial plan creation is a vital exercise for all ages.
5. Utilisation of Technology - Explore and deploy technology where it can help you the most, whether with online banking, health care tracking, free conference calling or Skype for long-distance family meetings.
6. Administer Legal and Financial Risks – Try to understand the legal and financial implications of family decisions, and avoid undue risk where possible. Use appropriate insurance to protect your property from damage or personal injury and to replace income lost in the event of disability or death.
7. Protect the Future - Those who want to accommodate for family members’ future needs after they are gone may want to ponder establishing a trust. The trust can indicate the timing and parameters for distribution while protecting funds from divorce, creditors, estate taxes and mismanagement. A financial professional can connect you with resources and help you decide if a trust is right for you.
8. Tap Community Resources - When you need help beyond what family members can provide, local community and state agencies can offer valuable advice and expertise on a range of topics. Hospital social workers, health plan nurses and the local Council on Aging can point you to medical care options, senior living facilities and special services.
Stephen Cagnassola has been helping people achieve their financial goals for nearly 20-years. His experience and professionalism help his team to be proficient. Specialising in advising retirees on the protection of their principal and conservation of their assets throughout retirement, Stephen Cagnassola has fast acquired a strong following in financial circles for his expertise understanding of assets and wealth protection, life insurance audits, alongside wider financial analysis and advisement.
