Today’s financial world can be filled with questions. Within each family, unique circumstances and risks exist. It’s important to think about your family’s entire picture along with thinking about past and future generations.
Why do I need a prosperity plan?
A solution based prosperity plan addresses all aspects of your financial picture. Whether its investment management, estate planning, retirement planning or fiduciary management, you need an investment management group that has a deep understanding of the risk that may exist in your financial plan.
What should be included in my prosperity plan?
There are eight clear aspects of a successful prosperity plan. We’ve identified and expanded on each of them below.
- Planning (Estate, Cash Flow, Retirement)
In this section, consider tax, estate, cash flow and retirement planning. Assess your income needs after retirement. Seek ways to make your money work for you and the next generation. Review your liability risks. Create a plan for your financial legacy today and after you are gone.
- Investment Risk Management
Look for professional investment strategists that are focused on your investment goals and plan. Do you know what you are currently risking? Consider a firm that puts risk first, and return second.
- Business/Succession Planning
Establish a succession plan for your business. How do you want to protect your family business/farm from estate taxes or liquidation at the time of your death? You might need to plan for your business liquidation and income needed after the liquidation.
- Impartiality & Family Harmony
Consider a corporate trustee, someone who is able to administer your trust from a business point of view. As a neutral third party, they are able to treat all family members equitable and by the terms of the trust.
When a family member is appointed trustee, can you ensure that the administration of that trust continues in the event of incapacity or death? A corporate fiduciary can assure continuity with administration of your trust no matter what the circumstance.
- Accounting & Record Keeping
Look for a firm that is required by regulation to provide accurate and timely record keeping to all beneficiaries of a trust. A personal family member may or may not have the capacity to provide up to date accounting and record keeping as requested. A firm will use industry specific software to provide the most accurate and up to date information.
- Experienced Professionals
Find a group with experienced professionals. Seek a wealth management firm that’s skill sets include on staff attorneys, CFP, Investment professionals and operational experts to ensure you have access to resources and knowledge as needed for all your fiduciary needs.
- Established Professional Network
Who is on your personal board of directors? Do you have the right team of experts gathered for all of your needs? Identify a team now that can help you in the future and help you plan ahead.
At First National Bank and Trust Company, we want to be your partner in creating a plan that secures and empowers your financial prosperity, while giving you the ability to care for your family today and for generations to come. You may not have all of the answers or know what questions need to be asked, First National Bank and Trust is here to help. Call us at 217-235-2148 to schedule your prosperity planning meeting.
About First National Bank and Trust Co: First National Bank & Trust Company is a community bank located in Clinton, Illinois. Dedicated to community prosperity, the bank was chartered in 1872 under the name DeWitt County National Bank. The name was changed to First National Bank and Trust Company in 1974, and was acquired by TS Banking Group in 2017. With $170 million in assets, First National Bank is dedicated to community reinvestment and gives 10% of its net income back to the community. For more information visit firstnbtc.com.