Death is not easy. Sure, a passing that is expected is a little bit easier to swallow than one that suddenly occurs, but either way you can be left heartbroken. When financial stress around a legacy plan adds to the stress during this time, families have been broken apart when they should be holding each other close. If you are adamant that this type of situation doesn’t happen to your family, it is important to go ahead and focus on getting your surrounding family in line with your legacy plan. Read Full Article
Legacy Planning
Importance of a Buy-Sell Agreement For Your Legacy Plan
When you have a family business, there are plenty of decisions to make. In all honesty, your employees rely on you for their well-being. Their wellness is in your hands. So as you make your day-to-day decisions within your business, don’t forget the importance of looking into the biggest “what-if” of all: What if I am no longer here to run the business? At Dunncreek Advisors, we can help you to create a Buy-Sell Agreement within your legacy plan so that if the unthinkable happens, your family or heirs will have an answer to all of the “what-ifs.” Read Full Article
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Six Tips for Legacy Planning
Legacy planning is a part of the financial preparation process that seldom gets enough attention. Individuals are taught from an early age the importance of a legacy plan. When you ask your friends or coworkers about if they have a legacy plan, chances are that they’ll say something to the effect of “Sure, I’m all set.” That is likely not the case if they sat down to really evaluate their existing legacy plan. A successful legacy plan is not something you draw up at one time in your life and never touch again. Instead, you should review your legacy plan every few years to ensure that you avoid any problems and make necessary adjustments. If you are looking for some guidance with your legacy plan, our team at Dunncreek Advisors is here to help!Read Full Article
Should You Tap Retirement Savings to Fund College?
Many parents wonder whether they should use retirement funds to pay for college for their children. If your child is looking at attending college in the near future and you’re looking for ways to help your child with their college expenses, you may be planning to dip into your retirement fund. But is this the best financial decision for you and your family? Although 30 percent of parents intend to use their retirement funds to pay for their children’s college education, this isn’t the right course of action for all parents. At DunnCreek Advisors in St. Paul, MN, we want to be sure that you make the right financial decision for you and your family, and we’ll help you evaluate the advantages and disadvantages of funding a college education with retirement savings. When you’re trying to decide whether to fund your child’s college education with your retirement savings, consider the following three factors:Read Full Article
