J. Michael Collins, Faculty Director of the Center for Financial Security at the University of Wisconsin–Madison, shares how a family tree can help you begin to think about your financial plan:
- A legacy plan is a vital part of your overall financial plan
- Thinking about legacy plans early allows more time to set those plans in place
- Drawing a family tree can help you and your spouse visualize the financial relationships in your lives
- Mapping out these relationships can clarify how you plan to leave a legacy