Family Changes Family considerations usually involve making important money decisions and require thoughtful planning. Marriage, children, relocation and buying a home can all strain the family finances and detour wealth building for the future. Planning Considerations Might Include: Marriage: As you begin a new life together, your financial outlook, goals and priorities change. Combining savings and income with a new partner creates the perfect opportunity to formulate goals, determine time-horizons and establish retirement savings and investment programs. Our team of Financial Advisors can help you combine these factors into a comprehensive Financial Plan.Children: Your children are your legacy. Planning for their proper care from a financial perspective involves insurance, college savings and estate planning. Be sure to review your current will, estate plan and insurance coverage when children arrive. Beneficiary designation is extremely important. Our team of Financial Advisors can help you consider the many college savings plans and options for tax-free and tax-deferred savings.Divorce or Remarriage: Managing finances and investments during divorce is often a difficult situation. Establishing savings and investment strategies with a new spouse can also be challenging. Investment considerations for these life changes include reviewing and updating your estate plan documents for proper beneficiary designations and creating a new Financial Plan.Loss of a Spouse: The possible death of a loved one is hard to imagine and even harder to plan for. However, an established estate plan can help you to be prepared for the financial impact of such an event. Our team of Financial Advisors can arrange for estate planning assistance and can recommend insurance coverage that will mitigate some of the anticipated hardships.Caring for Parents: Many parents have already taken the necessary steps to provide for their own extended care through astute investing or the purchase of long-term care insurance. Helping your parents plan for their advanced years may be the best gift you give them, and yourself, particularly if they will be unable to carry the financial burden. Financial Planning, Long-Term Care Insurance and Wealth Transfer Planning can assist with a more comfortable transition and lessen the potential impact that caring for parents could cause. If you are going through any of these or any other family changes, now is a good time to contact Genesis Wealth Advisors to schedule an appointment.