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News & Events

Leaving A Conservation Legacy

3/11/2016

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PictureMike Handrick
​Mike Handrick is a native of Northern Wisconsin.  He was born in the forest and received his first shotgun for his 11th birthday.  Hunting has been a lifelong passion and time in the woods has sharpened his respect for resource management.  Mike’s financial planning career began in 1990.  Today, Mike is an advanced financial planner, Mike coaches wealth holders by helping them crystallize their family legacy goals, then implementing charitably based strategies that benefit the family and the beneficiaries of the charities that hold the family’s passion. 

Mike is an FHFH local coordinator working in Wisconsin to increase awareness of our mission.  He is also an outside authority on how you can support the FHFH mission with charitably based strategies that help your current tax situation and help to fulfill your conservation based lifestyle.  According to Mike, one of the biggest mistakes that wealth holders make is jumping directly into strategies without first establishing family legacy values.  Mike will be contributing to our newsletter periodically.  Here is his first article with a link to his website.  

Leaving a Legacy for Conservation

Charitably based estate planning is the process of incorporating your highest family legacy ideals into your overall estate and family wealth transition plan design. The first step is to use a trained facilitator to help you document your family legacy story. Many wealth holders are turning to CAP® advisors (Chartered Advisor in Philanthropy®) to perform the facilitator role. A skilled facilitator will take you through a life review along with helping you crystallize your highest ideals. Only when this groundwork has been completed should you move to estate planning strategy design.

The next step is to ensure that you and your kids will be ok. Most wealth holders want to ensure that they will not outlive the income sources that produce their lifestyle. In addition, most people want to make certain their kids will be ok, regardless of how hard they may fall. An insured wealth transfer plan is critical to your success. The biggest failure of wealth transition plans is not preparing the kids for the money. Most wealth holders have well thought out estate plans where they have prepared the money for the kids. Recent surveys have found that about 75% of family wealth is gone after the second generation and about 90% is gone after the third generation because of the failure to prepare the kids for the emotional and financial responsibilities that come with inherited wealth. Failure is not an option!

The third step is to identify the charitable causes that hold your passion and that you wish to support. The largest tax breaks in the current tax code are embedded in charitable contributions. The US Treasury is responsible for ensuring that financial resources get to communities in ways that improve each community. They accomplish this either through a variety of taxes or through qualified charitable contributions. Most people recognize that direct charitable contributions are far more efficient than first moving resources through the Federal and State Governments.

There are many strategies that can be employed to help you meet your charitable intentions. Skilled CAP® advisors are well equipped and connected to help you design your most effective wealth protection and transfer estate plan. Having the right people at your planning table is critical when your balance sheet gets opened to be reviewed and planned for. Your CAP® advisor is your most trusted ally in this collaborative effort.  Contact me if you wish to have a private discussion regarding your charitable intentions and desire to support FHFH.

Mike Handrick
715-614-8200
mike@handrickplanning.com
www.handrickplanning.com
 
Securities and advisory services offered through Packerland Brokerage Services, Inc., an unaffiliated entity -  Member FINRA & SIPC

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