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The Importance of Family Meetings for Legacy Planning

Family meetings play a crucial role in planning your legacy, ensuring that all your family members are on the same page when it comes to preserving and passing on wealth, values, and assets. These meetings provide a platform for open communication, fostering understanding and unity among your family members.

By discussing legacy planning in a family meeting setting, everyone has the opportunity to address any potential conflicts or misunderstandings that may arise in the future. This proactive approach helps to clarify your intentions and ensure that everyone’s wishes are considered.

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Bloom Investment Counsel, Inc. Q1/24 Investment Market Commentary

M. Paul Bloom, Market Commentary Video Q1 2024

Despite the investment markets in the first quarter of the year experiencing a bumpy start, our clients’ performance was very satisfactory. The fixed-income market was particularly affected due to renewed inflation concerns, which caused negative rates of return in all bond maturities. However, these concerns had only a marginal effect on the equity market.

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When is a Single-Family Office Beneficial?

Ultra-high-net-worth (UHNW) families typically consider establishing their own Single-Family Office (SFO) when they have total investable assets of $100 million or more. Consideration for an SFO is most often driven by a significant liquidity event such as the sale of a family business.

It may be as simple as having a dedicated wealth professional who acts as the intermediary with all of the family’s other service providers, or as complex as employing a team of dedicated professionals for all of the family’s wealth management needs including accountants, lawyers, investment managers, legacy planners, philanthropic experts, etc..

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Retiring Soon? Plan More Than Just Your Money

As you approach retirement, it’s essential to plan for more than just your finances. While money is undoubtedly a crucial part of a comfortable retirement, planning for the emotional, social, and physical aspects of your life can significantly enhance your overall well-being during your retirement.

Ensuring a fulfilling retirement involves mapping out how you will spend your time, maintaining social connections, staying active and healthy, and pursuing hobbies or interests that you enjoy.

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