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Plan the impact of my wealth

Wealth planning essentials

There’s a simple reason why so many people don’t have an effective wealth planning strategy in place: They aren’t used to thinking of their financial assets as wealth.

 

But if you own a home, have savings, investment, or retirement accounts, hold an insurance policy, or own a business, the sum total of your assets most certainly is wealth.

 

Taking a comprehensive, holistic view of all that you own while instilling confidence that you are on track to pursue your goals is the process of wealth planning. And it’s a process most people would benefit from.

 

Why wealth planning matters

Whatever your level of wealth, effective planning can help you:

 

  • Preserve the wealth you are creating by minimizing taxes and managing expenses.
  • Protect your wealth from unforeseen risk.
  • Control how your wealth benefits you, and the people and causes you care about.

 

Of course, looking at each of your assets individually is important. Wealth planning is simply the process of viewing them in relation to each other, holistically, within the context of the higher purpose(s) you want your wealth to serve.

 

What are your immediate goals? What do you want your life to look like in retirement? Who or what do you want to protect? Answering these and other important questions, and creating a plan designed to align with your answers, is the best way to ensure your wealth works for you:

 

  • Today—by providing for yourself and those you love, identifying and avoiding potential risks and minimizing tax obligations.
  • Tomorrow—by helping you to sustain your desired lifestyle in retirement and feel confident your loved ones are cared for should something happen to you.
  • For future generations—by ensuring the lasting impact of your wealth for your heirs and the causes you care about.

 

Our process

Your Merrill Advisor will first help you to define the purpose of your wealth and then design and build a plan to help you achieve it. Here’s what our process looks like:

 

Discovery
The most effective plan is the result of a trusting relationship, so we need to learn what matters most to you. It’s more than just one conversation—it’s a sharing, over time, of your values, life circumstances, family obligations and the causes that matter to you. Together, we’ll identify the goals you want to move toward.

 

Create a personalized plan
We’ll identify specific solutions aligned with your goals and prioritize what to implement and when. If you have other professionals you rely on, such as an attorney or accountant, we’ll consult with them to ensure all of us are moving in the same direction.

 

Monitor and revise
Your life isn’t static, so neither is your plan. We’ll monitor your plan continuously. As your circumstances evolve—a career change, a new child, an unforeseen health challenge, for example—we’ll adjust accordingly.

 

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Whether you’re defining goals, addressing change or figuring out how to move forward, Merrill and Bank of America offer a wide range of solutions to help you take the next step and stay on track.

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