Family Needs Assessment
Select your Constellation Representative
- Select - Unsure - I'd Like to Speak with Someone John Williams Patrick Lafley Adam Morton Anna Pfaehler Cheryl Rose Emily Rose Julie Kist Kevin Thomas Louisa Gehring Matt Woebkenberg Nick Reilly Nick Paxson Sam Needham
We've used the singular "I" for these questions, but you may interpret any of them in the plural "we" if you have joint planning with a spouse or family. A "Yes" answer means this element is in good shape. A "No" or "Not Sure" indicates a gap and likely an outstanding need. "N/A" means the issue does not apply to your situation.
For the purpose of this assessment, please define 'family' as:
I have a good idea what our goals are, what they will cost, and how much capital we will need over the long term to maintain our standard of living and meet all our goals.
I know what rate of return we need from our investments to ensure we meet our family's objectives over the long term.
I am confident that our asset allocation is appropriate based on our financial goals.
I am comfortable that our investment philosophy and the investments in our portfolio are consistent with our family vision and values.
I am confident that we have the most tax-effective structures in place to meet our family objectives and that it is no more complicated than it needs to be.
I am comfortable that I am leaving the legacy (personal, relational, and financial) that I intend to leave.
I have a clear idea of my estate planning objectives, including the amounts and timing of what will be available for my needs, and for my intended beneficiaries, including any charitable beneficiaries.
I have current core estate planning documents in place (will, revocable living trust, powers of attorney for property and health care, health care directives, and guardianship for minor children) and they have been reviewed or updated within the past three years.
I have thought about and taken into account any family dynamics or potential conflicts that may be relevant.
I am comfortable that my spouse and family would be able to manage if I (or the most knowledgeable person in the family) died prematurely.
Our family discusses wealth-related values and goals at least annually.
We are intentional about passing down traditions and cultural values.
We have regular family communication where key issues are addressed.
We have built the skills to have honest conversations with each other.
I can articulate my core values and shared values in our family, and they are evident in our family and financial decisions.
We are actively helping our rising generation with their personal development skills and preparing for inheritance.
I feel confident that my intended beneficiaries are sufficiently responsible and financially educated enough to manage their inherited assets and take on leadership roles, as appropriate.
I have a clear game plan in place to prepare for a liquidity event, such as a business sale or inheritance.
We have defined education pathways and training for our rising generation family members to build leadership skills.
We regularly discuss succession planning and the transition of family leadership across generations.
Our family and financial affairs are well-organized and in good order, and very few details fall through the cracks in our life.
I am confident that we are working with the right advisors for legal, tax, financial, estate planning, philanthropic planning, family communication, and family education.
My advisors are proactive and regularly anticipate the key issues that need attention in my life.
I have a clear process for selecting and evaluating new advisors, and for reviewing and adjusting them as our needs evolve.
I know all the fees we are paying to our advisors and understand the value we receive and the impact on our net worth.
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