In the past six months, my life has been filled with joy as I welcomed two new grandchildren, and eagerly await the stork’s next arrival, b’shaah tovah! These dividends are the best ROI, return on investment, of being a parent! As a CFP® and cross-border financial advisor, the new babies remind me of the importance of planning for the future and leaving a lasting legacy. If this challenge resonates with you, or if you just want to discuss your unique financial situation, please call (02-624-2788).

Reflecting on the rewards: from parenting to grandparenting

As parents, my wife and I invested physical and emotional resources in our children’s upbringing, education, and character development. Now, as grandparents, we have the opportunity to extend our support to the next generation. Just as we witnessed the fruits of our parental investment, with proactive planning, we can leave behind a legacy that supports our dreams and enables our family to achieve their ambitions.

Should you gift to your children and grandchildren?

Gifting money has both pros and cons. First and foremost, make sure that any gifts given don’t negatively impact your own financial security. Then, make sure gifts don’t create the risk of dependency or entitlement. It’s important to strike the balance between being generous and teaching responsible financial habits.

The best financial lesson for new parents

Perhaps the best financial lesson for new parents is that while money is finite, love is infinite. Spend love lavishly and relish every opportunity to interact with your children. Time, like money, is fleeting. Unlike money, which you can try to earn again, you can never regain lost family time. Invest in activities that build memories.

Grandchildren are a brush with eternity that prompts us to contemplate our future. By proactively planning and strategically positioning your assets, you can leave a lasting financial impact on your family…in addition to the countless lessons you teach them.

Our team (02-624-2788) can guide you through the legacy planning process, ensuring your intentions are realized and your children/grandchildren’s financial well-being is protected. Together, let’s build a future that reflects your love and dedication to your family.

Douglas Goldstein, CFP®, GFP®, is the director of Profile Investment Services, Ltd. He is a licensed financial professional both in the U.S. and Israel. Call (02) 624-2788 for a consultation on how to set up your American assets to meet your financial goals. Securities offered through Portfolio Resources Group, Inc. Member FINRA, SIPC, MSRB, FSI. The opinions expressed are those of the author and not those of Portfolio Resources Group, Inc. or its affiliates. Neither PRG nor its affiliates give tax or legal advice.

Published August 29, 2023.

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