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In a recent survey from Ameriprise Financial, more than 3 out of 4 Americans said they have taken at least one step to build generational wealth. But what exactly constitutes generational wealth – and how can you achieve it?
The most common answer, registered by 44% of survey respondents, is wealth in excess of $500,000 that’s passed down to loved ones. Depending on your financial situation, half a million dollars may or may not sound like a lot of money.
But one thing is clear: No matter how much you intend to one day bestow upon your family and friends, it helps to have a plan.
If you, like 68% of the Ameriprise survey respondents, say passing generational wealth onto your heirs is important, there are some things to keep in mind.
Here are five strategies for growing generational wealth:
Building generational wealth is a lifelong process. Along the way, an experienced financial adviser can help you develop a financial plan and set achievable goals aligned to your estate planning needs. Your adviser can work with you and your estate planning attorney to ensure your will facilitates your wishes for sharing generational wealth.
Paula Dougherty is a certified financial planner and private wealth adviser with Achieve Private Wealth, Ameriprise Financial Services LLC in Springfield. She can be reached at firstname.lastname@example.org.
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