{"id":1040,"date":"2023-09-18T15:47:21","date_gmt":"2023-09-18T15:47:21","guid":{"rendered":"https:\/\/scottmarsh.com\/?page_id=1040"},"modified":"2023-09-18T15:47:21","modified_gmt":"2023-09-18T15:47:21","slug":"whats-the-best-way-to-build-generational-wealth","status":"publish","type":"page","link":"https:\/\/scottmarsh.com\/whats-the-best-way-to-build-generational-wealth\/","title":{"rendered":"What\u2019s the Best Way to Build Generational Wealth?"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row][vc_column][vc_column_text]<\/p>\n<p><span style=\"font-weight: 400;\">Building generational wealth is a critical aspect of securing the future for both ourselves and our loved ones. However, figuring out the best way to do it can be a daunting task, especially given the different options available and today\u2019s constantly changing economic landscape.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Fortunately, it doesn\u2019t have to be as difficult as some might think. Possibly more than anything, it requires a long-term perspective and a commitment to disciplined financial habits. In the sections below, we survey proven strategies for building wealth that can be passed down to future generations.\u00a0<\/span><\/p>\n<p><b>Please join us for a look at these topics:<\/b><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Financial Legacies Don\u2019t Happen by Accident<\/span><\/li>\n<li><span style=\"font-weight: 400;\">You Have to Plan for the Economic Weather\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">How to Grow Generational Wealth: Be Intentional\u00a0\u00a0<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Why You Need to Trim Your Tax Liability, ASAP<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Start Approaching Your Retirement Proactively<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Creating a Generational Legacy of Philanthropy<\/span><\/li>\n<li><span style=\"font-weight: 400;\">We Help Keep Portfolios Market-Weather-Ready<\/span><\/li>\n<\/ul>\n<p>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column]    <div class=\"with_anchors\">\r\n\r\n        <section class=\"chapters-grid\">\r\n            <div class=\"row g-3\">\r\n                                    <div class=\"col-lg-4 col-md-6\">\r\n                        <a href=\"#chapter-0\" class=\"chapter\">\r\n                            <div class=\"chapter-subtitle\">Chapter 1<\/div>\r\n                            <h3 class=\"chapter-title\">Financial Legacies Don\u2019t Happen by Accident<\/h3>\r\n                        <\/a>\r\n                    <\/div>\r\n                                    <div class=\"col-lg-4 col-md-6\">\r\n                        <a href=\"#chapter-1\" class=\"chapter\">\r\n                            <div class=\"chapter-subtitle\">Chapter 2<\/div>\r\n                            <h3 class=\"chapter-title\">You Have to Plan for the Economic Weather<\/h3>\r\n                        <\/a>\r\n                    <\/div>\r\n                                    <div class=\"col-lg-4 col-md-6\">\r\n                        <a href=\"#chapter-2\" class=\"chapter\">\r\n                            <div class=\"chapter-subtitle\">Chapter 3<\/div>\r\n                            <h3 class=\"chapter-title\">How to Grow Generational Wealth: Be Intentional<\/h3>\r\n                        <\/a>\r\n                    <\/div>\r\n                                    <div class=\"col-lg-4 col-md-6\">\r\n                        <a href=\"#chapter-3\" class=\"chapter\">\r\n                            <div class=\"chapter-subtitle\">Chapter 4<\/div>\r\n                            <h3 class=\"chapter-title\">Why You Need to Trim Your Tax Liability, ASAP<\/h3>\r\n                        <\/a>\r\n                    <\/div>\r\n                                    <div class=\"col-lg-4 col-md-6\">\r\n                        <a href=\"#chapter-4\" class=\"chapter\">\r\n                            <div class=\"chapter-subtitle\">Chapter 5<\/div>\r\n                            <h3 class=\"chapter-title\">Start Approaching Your Retirement Proactively<\/h3>\r\n                        <\/a>\r\n                    <\/div>\r\n                                    <div class=\"col-lg-4 col-md-6\">\r\n                        <a href=\"#chapter-5\" class=\"chapter\">\r\n                            <div class=\"chapter-subtitle\">Chapter 6<\/div>\r\n                            <h3 class=\"chapter-title\">Creating a Generational Legacy of Philanthropy<\/h3>\r\n                        <\/a>\r\n                    <\/div>\r\n                                    <div class=\"col-lg-4 col-md-6\">\r\n                        <a href=\"#chapter-6\" class=\"chapter\">\r\n                            <div class=\"chapter-subtitle\">Chapter 7<\/div>\r\n                            <h3 class=\"chapter-title\">We Help Keep Portfolios Market-Weather-Ready<\/h3>\r\n                        <\/a>\r\n                    <\/div>\r\n                            <\/div>\r\n        <\/section>\r\n\r\n        <div class=\"chapters-info-w\">\r\n                            <section id=\"chapter-0\" class=\"chapters-info\">\r\n                    <header>\r\n                        <div class=\"chapter-subtitle\">Chapter 1<\/div>\r\n                        <h3 class=\"chapter-title\">Financial Legacies Don\u2019t Happen by Accident<\/h3>\r\n                    <\/header>\r\n                    <div class=\"chapter-info-descr\"><p><a href=\"https:\/\/www.investopedia.com\/generational-wealth-definition-5189580\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\"><strong><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-1047 alignleft\" src=\"https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/09\/creating-generational-legacy-scottmarsh.com_-500x333.jpg\" alt=\"building financial legacy\" width=\"500\" height=\"333\" srcset=\"https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/09\/creating-generational-legacy-scottmarsh.com_-500x333.jpg 500w, https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/09\/creating-generational-legacy-scottmarsh.com_-768x512.jpg 768w, https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/09\/creating-generational-legacy-scottmarsh.com_.jpg 800w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/>G<\/strong><\/span><\/a><a href=\"https:\/\/www.investopedia.com\/generational-wealth-definition-5189580\" target=\"_blank\" rel=\"noopener\"><strong>enerational wealth<\/strong><\/a> refers to the accumulation of assets, investments, and property that are passed down from one generation to another. It&#8217;s a way of securing the financial future of your family and creating a legacy that can last for generations. Why is generational wealth important? Because building it can provide a sense of financial security, freedom, and independence for your loved ones.<\/p>\n<p><span style=\"font-weight: 400;\">It can also help to reduce financial stress and provide opportunities for future generations to pursue their dreams and passions. In fact, it can help contribute to a stronger sense of family unity, a shared purpose that can bring generations together. Individual family members may possibly gain a sense of pride from working together to build a lasting legacy to benefit generations ahead.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While building generational wealth can be a rewarding experience, it must be done correctly. In other words, there are some common self-sabotaging mistakes to avoid. These include failing to plan, living beyond your means, and taking unnecessary risks. To avoid them, it&#8217;s important to start with a clear plan for your finances, live within your means, and seek professional advice when needed.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It&#8217;s important to avoid emotional decisions when it comes to your finances, keeping focused, instead, on your long-term goals, as well. Again, building generational wealth takes time, effort, and dedication. There\u2019s no substitute for any of the three, but the benefits of creating a financial legacy can be significant for both you and your descendants.<\/span><\/p>\n<\/div>\r\n                <\/section>\r\n                            <section id=\"chapter-1\" class=\"chapters-info\">\r\n                    <header>\r\n                        <div class=\"chapter-subtitle\">Chapter 2<\/div>\r\n                        <h3 class=\"chapter-title\">You Have to Plan for the Economic Weather<\/h3>\r\n                    <\/header>\r\n                    <div class=\"chapter-info-descr\"><p><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-1050 alignright\" src=\"https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/09\/certified-financial-planner-Utah-scottmarsh.com_-1-500x333.jpg\" alt=\"weather the financial storm\" width=\"500\" height=\"333\" srcset=\"https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/09\/certified-financial-planner-Utah-scottmarsh.com_-1-500x333.jpg 500w, https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/09\/certified-financial-planner-Utah-scottmarsh.com_-1-768x512.jpg 768w, https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/09\/certified-financial-planner-Utah-scottmarsh.com_-1.jpg 800w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/>As we draw nearer to the second half of 2023, it&#8217;s important to remember that the economic weather can change quickly and without warning. Just as we prepare for unpredictable weather patterns, we should also plan for economic turbulence.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Inflation and <\/span><strong><a href=\"https:\/\/www.reuters.com\/markets\/europe\/bear-market-beckons-us-stocks-2022-descent-deepens-2022-06-13\/\" target=\"_blank\" rel=\"noopener\">a bear market ravaged 2022<\/a><\/strong><span style=\"font-weight: 400;\"><strong>,<\/strong> leaving many people reeling from the impact. The price of goods and services skyrocketed, while the value of some investments plummeted. For those who were not prepared for such a scenario, the consequences were severe. This is what makes it crucial to understand that inflation is not a one-off event. It can happen again, and we should be ready for it.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, <\/span><strong><a href=\"https:\/\/www.forbes.com\/sites\/phillipbraun\/2023\/05\/03\/a-recession-is-coming-and-heres-how-we-know\/?sh=14d1cb6e2276\" target=\"_blank\" rel=\"noopener\">we also may see a recession by the end of the year<\/a><\/strong><span style=\"font-weight: 400;\"><strong>.<\/strong> Although the timing of it isn\u2019t 100% certain, it&#8217;s wise to consider the possibility of an earlier arrival now. Recessions can cause a decline in our <\/span><strong><a href=\"https:\/\/www.investopedia.com\/terms\/g\/gdp.asp\" target=\"_blank\" rel=\"noopener\">Gross Domestic Product (GDP)<\/a><\/strong><span style=\"font-weight: 400;\"><strong>,<\/strong> increased unemployment, and decreased consumer spending. Businesses may also struggle while investors suffer possible losses.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s far easier to fight a recession\u2019s effects by strategizing ahead of its arrival rather than to sift through the personal financial damage that can result if you aren\u2019t prepared. It&#8217;s also worth noting that even affluent families may lose money without safeguards. Just because someone has money <\/span><i><span style=\"font-weight: 400;\">does not<\/span><\/i><span style=\"font-weight: 400;\"> mean they are immune to economic downturns.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In fact, wealthy people have lost their fortunes in recessionary phases due to poor planning or overconfidence in their investment strategies. So, what can we do to plan for the economic weather? Firstly, we should have an emergency fund that can cover at least six months of expenses.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This fund should be easily accessible in case of a sudden job loss or financial emergency. Secondly, we should have a diversified investment portfolio that is not overly reliant on any one asset class. This can help to mitigate losses during a bear market. Finally, we should regularly review and adjust our financial plan to ensure it aligns with our current goals and the economic climate.<\/span><\/p>\n<\/div>\r\n                <\/section>\r\n                            <section id=\"chapter-2\" class=\"chapters-info\">\r\n                    <header>\r\n                        <div class=\"chapter-subtitle\">Chapter 3<\/div>\r\n                        <h3 class=\"chapter-title\">How to Grow Generational Wealth: Be Intentional<\/h3>\r\n                    <\/header>\r\n                    <div class=\"chapter-info-descr\"><p><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-1051 alignleft\" src=\"https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/09\/wealth-financial-planning-scottmarsh.com_-1-500x333.jpg\" alt=\"grow generational wealth\" width=\"500\" height=\"333\" srcset=\"https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/09\/wealth-financial-planning-scottmarsh.com_-1-500x333.jpg 500w, https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/09\/wealth-financial-planning-scottmarsh.com_-1-768x512.jpg 768w, https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/09\/wealth-financial-planning-scottmarsh.com_-1.jpg 800w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/>When it comes to growing generational wealth, being intentional is key. The first step is recognizing that standing still isn&#8217;t an option. Inflation, taxes, and changing economic conditions mean that if you&#8217;re not actively working to grow your wealth, you&#8217;re likely losing ground.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is especially true for <\/span><strong><a href=\"https:\/\/www.investopedia.com\/terms\/h\/hnwi.asp\" target=\"_blank\" rel=\"noopener\">high-net-worth individuals (HNWIs)<\/a><\/strong><span style=\"font-weight: 400;\"> who have more assets at risk. It\u2019s vital to set clear financial goals and regularly evaluate your progress toward them. Contrary to popular belief, growing a generational wealth nest egg doesn&#8217;t require a genius-level IQ or a Wall Street pedigree. In fact, many of the most successful investors are self-taught and made their fortunes through smart, strategic choices.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">What sets these investors apart is their ability to make what we refer to as <\/span><strong><a href=\"https:\/\/scottmarsh.com\/wealth-management\/with-million-dollar-choices-you-can-build-a-million-dollar-retirement-plan\/\" target=\"_blank\" rel=\"noopener\">Million-Dollar Choices<\/a><\/strong><span style=\"font-weight: 400;\"><strong>.<\/strong> These are the decisions that have the potential to significantly impact your wealth, such as choosing the right investment opportunities, minimizing taxes, and managing risk.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Making million-dollar choices don\u2019t require financial expertise or superhuman intuition. However, while you don&#8217;t need to be an expert, there is one final ingredient that\u2019s absolutely essential: You have to either reinvest your gains, set them aside as part of your savings, or both.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For those who aren\u2019t familiar with financial industry terms, let\u2019s define \u201cfinancial planning\u201d specifically as it applies to the affluent. The fundamentals include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Setting clear financial goals.<\/b><span style=\"font-weight: 400;\"> Every journey needs a roadmap. This helps you stay focused on what&#8217;s important and avoid making emotional decisions.<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Diversifying your investments.<\/b><span style=\"font-weight: 400;\"> Spreading your money across different assets can help manage risk and, possibly, maximize returns.<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Minimizing taxes.<\/b><span style=\"font-weight: 400;\"> With a higher net worth comes higher tax liabilities. So, it&#8217;s important to work with a tax planner to develop strategies for reducing your tax burden.<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Protecting your assets.<\/b><span style=\"font-weight: 400;\"> HNWIs are often targets for lawsuits and other legal actions, so it&#8217;s important to have the right insurance and legal protections in place.<\/span><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Continuously educating yourself.<\/b><span style=\"font-weight: 400;\"> Wealth management is an ever-evolving endeavor in today\u2019s economy. This makes growing your financial literacy increasingly beneficial.<\/span><\/li>\n<\/ul>\n<h3 style=\"text-align: center;\"><a href=\"https:\/\/scottmarsh.com\/tax-planning-compliance-preparation-services\/\"><b><i>Wealth Building Includes Tax Planning. Use Our Experience to Plan Against Possible Increases.<\/i><\/b><\/a><\/h3>\n<\/div>\r\n                <\/section>\r\n                            <section id=\"chapter-3\" class=\"chapters-info\">\r\n                    <header>\r\n                        <div class=\"chapter-subtitle\">Chapter 4<\/div>\r\n                        <h3 class=\"chapter-title\">Why You Need to Trim Your Tax Liability, ASAP<\/h3>\r\n                    <\/header>\r\n                    <div class=\"chapter-info-descr\"><p><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-1052 alignright\" src=\"https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/09\/retire-in-Utah-scottmarsh.com_-1-500x333.jpg\" alt=\"trim tax liability\" width=\"500\" height=\"333\" srcset=\"https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/09\/retire-in-Utah-scottmarsh.com_-1-500x333.jpg 500w, https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/09\/retire-in-Utah-scottmarsh.com_-1-768x512.jpg 768w, https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/09\/retire-in-Utah-scottmarsh.com_-1.jpg 800w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/>For many people, tax season is a stressful time of year that often results in a significant amount of money owed to the IRS. However, by taking proactive steps to trim your tax liability, you can reduce your stress and keep more of your hard-earned money.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">First and foremost, it&#8217;s important to understand that the IRS doesn&#8217;t care if your family prospers. They have a job to do, and that job is collecting as much money as possible. While there are certainly legal ways to reduce your tax liability, the burden is on us to take advantage of them. This means being diligent about tracking expenses, claiming deductions and credits, and making smart financial decisions throughout the year.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">One common mistake that many people make is focusing solely on a single year&#8217;s tax savings. While it&#8217;s certainly important to maximize your deductions and credits each year, taking a long-term approach to tax planning can result in even greater savings over time. For example, investing in a tax-advantaged retirement account like a 401(k) or IRA can not only reduce your tax liability each year but also help you build wealth over time.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Of course, navigating the complex world of tax planning can be overwhelming, especially if you&#8217;re not well-versed in tax law. That&#8217;s where Scott Marsh Financial comes in. Our team of experienced professionals can help you navigate the tax code, identify areas where you may be overpaying, and develop a customized tax plan that meets your unique needs and goals. From maximizing your deductions and credits to developing a long-term tax strategy, we&#8217;re here to help you keep more of your hard-earned money.<\/span><\/p>\n<\/div>\r\n                <\/section>\r\n                            <section id=\"chapter-4\" class=\"chapters-info\">\r\n                    <header>\r\n                        <div class=\"chapter-subtitle\">Chapter 5<\/div>\r\n                        <h3 class=\"chapter-title\">Start Approaching Your Retirement Proactively<\/h3>\r\n                    <\/header>\r\n                    <div class=\"chapter-info-descr\"><p><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-1053 alignleft\" src=\"https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/09\/why-is-generational-wealth-important-scottmarsh.com_-1-500x355.jpg\" alt=\"retirement planning\" width=\"500\" height=\"355\" srcset=\"https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/09\/why-is-generational-wealth-important-scottmarsh.com_-1-500x355.jpg 500w, https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/09\/why-is-generational-wealth-important-scottmarsh.com_-1-768x545.jpg 768w, https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/09\/why-is-generational-wealth-important-scottmarsh.com_-1.jpg 800w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/>Retirement may seem like a far-off concept, but it&#8217;s never too early to start planning for it. In fact, the earlier you start, the more time you have to save and prepare for the future. While the idea of preparing to retire can seem intimidating, it&#8217;s essential to approach it proactively to ensure you have a comfortable future. Here are a few things to consider as you start planning for your retirement.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For years, Social Security has been a crucial component of many retirees&#8217; income. However, with the rising costs of healthcare and other factors, it may not provide enough income to support a comfortable retirement soon. While the program is not expected to go bankrupt, <\/span><strong><a href=\"https:\/\/www.investopedia.com\/ask\/answers\/071514\/why-social-security-running-out-money.asp\" target=\"_blank\" rel=\"noopener\">it may be unable to pay full benefits soon<\/a><\/strong><span style=\"font-weight: 400;\"><strong>.<\/strong> As a result, it&#8217;s essential to start planning for your retirement income outside of Social Security to ensure you have enough money to support your lifestyle.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Today&#8217;s economy can make retirement planning more challenging than ever before. The costs of living are high, so many people are struggling to save enough money for an optimal future income. That\u2019s why it&#8217;s crucial to start planning as early as possible. The earlier you start saving and investing, the more time your money has to grow.\u00a0<\/span><\/p>\n<\/div>\r\n                <\/section>\r\n                            <section id=\"chapter-5\" class=\"chapters-info\">\r\n                    <header>\r\n                        <div class=\"chapter-subtitle\">Chapter 6<\/div>\r\n                        <h3 class=\"chapter-title\">Creating a Generational Legacy of Philanthropy<\/h3>\r\n                    <\/header>\r\n                    <div class=\"chapter-info-descr\"><p><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-1042 alignleft\" src=\"https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/09\/financial-planning-Salt-Lake-City-Utah-scottmarsh.com_-500x256.jpg\" alt=\"generational philanthropy\" width=\"500\" height=\"256\" srcset=\"https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/09\/financial-planning-Salt-Lake-City-Utah-scottmarsh.com_-500x256.jpg 500w, https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/09\/financial-planning-Salt-Lake-City-Utah-scottmarsh.com_-768x393.jpg 768w, https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/09\/financial-planning-Salt-Lake-City-Utah-scottmarsh.com_.jpg 800w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/>Creating a family tradition of philanthropy is more than just leaving behind a sum of money. It&#8217;s about instilling values in your loved ones and taking measures to ensure that your charitable gifts continue beyond your lifetime. Charitable giving doesn&#8217;t just benefit the organizations you support, either. It can also benefit you and your family.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Tax-planned charitable gifts, such as charitable trusts, private foundations, and donor-advised funds, can provide you with immediate tax benefits. At the same time,<\/span> <span style=\"font-weight: 400;\">they can also help to ensure that your charitable giving continues beyond your lifetime.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Speaking of <\/span><i><span style=\"font-weight: 400;\">beyond your lifetime,<\/span><\/i><span style=\"font-weight: 400;\"> a donor-advised fund or trust may help your gifts outlast you by decades or more. These vehicles can allow you to make charitable contributions during your lifetime while retaining control over how the funds are distributed. This means that you can involve your family in the giving process and ensure that your charitable giving continues for generations to come.<\/span><\/p>\n<\/div>\r\n                <\/section>\r\n                            <section id=\"chapter-6\" class=\"chapters-info\">\r\n                    <header>\r\n                        <div class=\"chapter-subtitle\">Chapter 7<\/div>\r\n                        <h3 class=\"chapter-title\">We Help Keep Portfolios Market-Weather-Ready<\/h3>\r\n                    <\/header>\r\n                    <div class=\"chapter-info-descr\"><p><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-1054 alignright\" src=\"https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/09\/retirement-planning-for-high-net-worth-individuals-scottmarsh.com_-1-500x334.jpg\" alt=\"keep your portfolio market-weather-ready\" width=\"500\" height=\"334\" srcset=\"https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/09\/retirement-planning-for-high-net-worth-individuals-scottmarsh.com_-1-500x334.jpg 500w, https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/09\/retirement-planning-for-high-net-worth-individuals-scottmarsh.com_-1-768x513.jpg 768w, https:\/\/scottmarsh.com\/wp-content\/uploads\/2023\/09\/retirement-planning-for-high-net-worth-individuals-scottmarsh.com_-1.jpg 800w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/>Investing in the stock market can be a roller coaster ride with unexpected twists and turns. One year might bring us a bull market, and the next, we might find ourselves tumbling down with the bears.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At <\/span><strong><a href=\"https:\/\/scottmarsh.com\/why-choose-us\/\" target=\"_blank\" rel=\"noopener\">Scott Marsh Financial<\/a><\/strong><span style=\"font-weight: 400;\"><strong>,<\/strong> we understand the challenges that investors face during uncertain times. As a CERTIFIED FINANCIAL PLANNER\u2122in Utah, we offer a range of services to help keep your portfolio market-weather-ready. We start by analyzing your existing portfolio to identify areas where we can rebalance and diversify your assets.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Our wealth financial planning services are designed to help restore your confidence in your investments. We take a comprehensive approach, considering your long-term financial goals, your risk tolerance, and your current financial situation. From there, we develop a customized plan to help you achieve those goals while navigating the ups and downs of the market.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Of course, financial planning is not a one-time event. As your life circumstances change and the market evolves, we continue to work with you, adjusting your portfolio to help ensure that it remains aligned with your goals. We also offer ongoing monitoring and communication to help you stay informed about your investments and confident in your financial future.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Our goal is to help you weather the storms of the market and achieve your financial objectives. By regularly rebalancing and diversifying your portfolio, we can help reduce your risk and increase the probability of returns. Again, spreading your investments across different sectors and asset classes often helps reduce your exposure to the effects of market volatility.<\/span><\/p>\n<p><a href=\"https:\/\/info.scottmarsh.com\/contact-us\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\"><strong>Contact us<\/strong><\/span><\/a><span style=\"font-weight: 400;\"> today to learn more about our retirement planning for high-net-worth individuals.<\/span><\/p>\n<\/div>\r\n                <\/section>\r\n                    <\/div>\r\n\r\n    <\/div>\r\n\r\n\r\n[\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_column_text] Building generational wealth is a critical aspect of securing the future for both ourselves and our loved ones. However, figuring out the best way to do it can be a daunting task, especially given [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":1048,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What\u2019s the Best Way to Build Generational Wealth?<\/title>\n<meta name=\"description\" content=\"Creating a generational legacy doesn\u2019t have to be difficult. 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