wealth management Archives - Blakely Financial

Building a Resilient Financial Plan for Life’s Uncertainties

Posted on September 11, 2025 by Steve LaFrance

Life rarely goes according to plan. Market volatility, career changes, health concerns, and unexpected expenses can test even the most carefully crafted financial strategies. While we can’t predict every twist and turn, we can prepare for them with proactive planning rather than reactive decision-making.

A resilient financial plan provides you with the flexibility to adapt to change while maintaining focus on your long-term objective. At Blakely Financial, we believe the ability to weather life’s uncertainties is one of the most important skills for building, protecting, and growing wealth over time.

Core Principles of Financial Resilience

A truly resilient financial plan rests on three foundational principles:

Flexibility: The ability to pivot and adjust your strategies as circumstances change without derailing your long-term goals.
Diversification: Reducing risk by spreading investments across asset classes, sectors, and geographies.
Liquidity: Maintaining access to cash or liquid assets so you can respond to opportunities or emergencies quickly.

Keeping these pillars in mind ensures your financial plan remains strong even in turbulent times.

Step 1: Build and Maintain a Strong Safety Net

An emergency fund is your first line of defense against life’s surprises. For high-income households, we recommend maintaining three to six months of living expenses in easily accessible accounts. These funds should be kept separate from investments earmarked for long-term goals, ensuring you can cover unexpected costs, such as medical expenses, home repairs, or a sudden job loss, without disrupting your portfolio. Money market accounts, high-yield savings accounts, or short-term certificates of deposit (CDs) can be excellent vehicles for this safety net.

Step 2: Manage Risks with Insurance and Asset Protection

A resilient financial plan goes beyond investments, shielding you from risks that could derail your financial future. This includes life and disability insurance to protect income and family security, long-term care insurance to cover potential healthcare needs later in life, and umbrella policies to provide extra liability coverage beyond standard policies.

For business owners or those with significant assets, advanced asset protection strategies and estate planning tools can further safeguard your wealth from legal or creditor risks.

Step 3: Plan for Market Volatility

Market downturns are inevitable, but they don’t have to derail your goals. A thoughtful asset allocation strategy tailored to your objectives, time horizon, and risk tolerance can help you ride out volatility without making emotional decisions. Diversification across multiple asset classes can limit losses in turbulent times, while regular rebalancing ensures your portfolio remains aligned with your intended risk level and seizes potential opportunities when the market shifts.

Step 4: Prepare for Major Life Transitions

Major life transitions such as career changes, relocation, marriage, divorce, inheritance, or health challenges can significantly impact your finances. The more flexible your plan, the easier it is to adapt without sacrificing your long-term vision. Scenario planning can help you make decisions from a place of confidence rather than fear.

Step 5: Regularly Review and Update Your Plan

A financial plan is not a “set it and forget it” document. It should be a living strategy that evolves as your life, the economy, and tax laws change. At a minimum, we recommend annual or semi-annual reviews to evaluate:

Changes in personal goals or circumstances
Market conditions and portfolio performance
Tax and estate planning opportunities, including adjusting for tax law changes
Potential gaps in insurance coverage

Working closely with your financial advisor during these reviews ensures your plan remains robust and relevant.

The Role of a Trusted Financial Advisor

Financial resilience is built on proactive planning, and having a trusted advisor by your side can help you anticipate challenges before they arise. At Blakely Financial, we take a holistic approach to design plans that adapt to life’s unexpected turns. If you’re ready to strengthen your financial resilience, contact us today. Our team is here to help you prepare for whatever comes next!

Blakely Financial, Inc. is an independent financial planning and investment management firm that provides clarity, insight, and guidance to help our clients attain their financial goals. Engage with the entire Blakely Financial team at WWW.BLAKELYFINANCIAL.COM to see what other financial tips we can provide towards your financial well-being.

Commonwealth Financial Network® or Blakely Financial does not provide legal or tax advice. You should consult a legal or tax professional regarding your individual situation.

Planning for Intergenerational Wealth Transfer

Posted on September 11, 2025 by Emily Promise

When most people think about wealth, they focus on the present – how to earn it, grow it, and protect it. But for many families, true financial success is measured by something greater: the ability to pass on not just assets, but also values, opportunities, and security to future generations. Therefore, intergenerational wealth transfer goes beyond writing a will. It involves creating a comprehensive strategy that aligns with your family’s goals, reduces risk, and ensures your legacy stands the test of time.

Defining Your Legacy Beyond Wealth

Of course, wealth transfer involves money, but additionally, it involves the principles and priorities you want to instill in future generations. This could mean teaching children the importance of philanthropy, encouraging smart financial decision-making, or setting up family traditions that carry meaning across decades. Some families even formalize their legacy through mission statements or family councils, which can help align heirs around shared goals. This holistic approach ensures your wealth is not only preserved but also used in ways that reflect your values.

Estate Planning Essentials

At the core of any intergenerational wealth transfer strategy is a strong estate plan. Documents like wills, trusts, and powers of attorney are foundational for directing how assets are distributed and ensuring your wishes are carried out.

For high-net-worth individuals, trusts often play a particularly powerful role as they can minimize estate taxes, avoid probate, and provide protections that help shield wealth from creditors or mismanagement. Reviewing and updating estate planning documents regularly is key. Life changes such as marriage, births, and business transitions can significantly affect your legacy plan!

Tax-Efficient Wealth Transfer Strategies

A successful wealth transfer plan not only considers what is passed down, but also how. Without proper planning, estate taxes and other liabilities can erode the legacy you’ve built.

One way to help reduce the taxable estate is through strategic gifting. Annual exclusion gifts, leveraging the lifetime exemption, or even establishing family limited partnerships (FLPs) are all ways to maximize tax efficiency. For families interested in philanthropy, charitable giving strategies, such as charitable trusts or donor-advised funds, can also provide dual benefits: reducing taxes while supporting causes that are important to you. Remember: these strategies are complex, and professional guidance is essential to ensure they are structured effectively.

Incorporating Philanthropy

Many families choose to make charitable giving part of their intergenerational wealth transfer plan. Beyond tax benefits, philanthropy can help preserve family values by encouraging heirs to think about impact, stewardship, and community responsibility. Options like donor-advised funds or family foundations provide flexible ways to involve the next generation in giving decisions. This not only helps instill important financial values but also strengthens family bonds by creating a shared purpose.

Preparing the Next Generation

One of the most common reasons wealth transfer fails is a lack of preparation among heirs. Passing down wealth without education and guidance can lead to misuse, conflict, or even financial loss.

Preparing the next generation involves more than a conversation about inheritance. It is critical to provide financial literacy, engage heirs in family decision-making, and create opportunities to learn about investing, budgeting, and philanthropy early. These steps help ensure your legacy endures beyond assets, fostering a sense of responsibility and purpose.

Working with Professionals

A successful intergenerational wealth transfer requires coordination in which financial advisors, estate planning attorneys, and tax professionals can each play a critical role. By working with a team that understands both your financial situation and your family dynamics, you can create a plan that is comprehensive, efficient, and future-focused. At Blakely Financial, we take a collaborative approach, helping families structure wealth transfer strategies that protect assets, minimize taxes, and align with their personal values.

Are you ready to create a foundation that empowers future generations to thrive? Contact the Blakely Financial team today to take the next step in planning your legacy. Together, we can create a wealth transfer strategy that protects your wealth and sets your family up for success for generations to come.

Blakely Financial, Inc. is an independent financial planning and investment management firm that provides clarity, insight, and guidance to help our clients attain their financial goals. Engage with the entire Blakely Financial team at WWW.BLAKELYFINANCIAL.COM to see what other financial tips we can provide towards your financial well-being.

Commonwealth Financial Network® or Blakely Financial does not provide legal or tax advice. You should consult a legal or tax professional regarding your individual situation.

Lifestyle and Wealth: Aligning Personal Goals with Your Financial Plan

Posted on July 10, 2025July 10, 2025 by Emily Promise

When most people think about financial planning, they often focus on numbers: how much is in the retirement account, what the market is doing, or whether they’re on track for a particular net worth. But true wealth is about using your financial resources to support the life you want to lead, not just accumulating financial assets. At Blakely Financial, we believe your financial plan should reflect your values, lifestyle, and long-term goals as much as your financial data.

Defining What Wealth Means to You

Before building your financial plan, it’s important to define what wealth actually means in the context of your life. For example, financial security means different things to different people. For one individual, it might be the freedom to retire early and travel the world, while for another, it might be about creating opportunities for their children or supporting a cause deeply personal to them. Take a moment to consider:

What does financial independence look like to you?
What life experiences or goals matter most to you?
What kind of legacy do you hope to leave for your loved ones or community?

When your financial plan is rooted in these personal priorities rather than generic benchmarks, it becomes a tool to help you live intentionally, not just accumulate wealth for its own sake.

Setting Lifestyle-Driven Financial Goals

Once you’ve defined what matters most, the next step is setting clear, lifestyle-driven financial goals for yourself. These goals are focused on enabling the life experiences and milestones that are important to you.

Examples may include:

Planning for early retirement to spend more quality time with family.
Finding annual international travel or extended sabbaticals.
Contributing to causes you care about through charitable giving.
Saving for a child’s or grandchild’s education.
Building a financial legacy that supports multiple generations.

Work with your financial advisor to ensure your financial plan prioritizes these goals, making them measurable and achievable, while balancing short-term needs and long-term aspirations.

Building a Financial Plan That Supports Your Lifestyle

A lifestyle-focused financial plan integrates all aspects of your financial life to support your personal goals. Some of the essential components include:

Cash Flow Management: Ensuring your spending habits and savings strategies align with your priorities, leaving room for both day-to-day enjoyment and future aspirations.
Investment Strategy: Tailoring your portfolio to match your risk tolerance, time horizon, and desired lifestyle. For some, this may mean prioritizing steady, conservative growth. For others, a more aggressive, growth-oriented portfolio.
Tax Planning: Proactively managing taxes to maximize available resources, whether through tax-advantaged accounts, charitable giving strategies, or thoughtful estate planning.
Estate and Legacy Planning: Structuring your wealth to benefit your family, support philanthropic interests, and ensure your assets are distributed according to your wishes.

Adjusting Your Financial Plan for Life’s Milestones and Unexpected Turns

Life isn’t static, and your financial plan shouldn’t be either. Major life events like marriage, divorce, career changes, health challenges, or economic shifts can all significantly impact your financial strategy. This is why it’s essential to work with an advisor who not only builds a strong foundational plan but also proactively adjusts it as your life evolves.

The Role of a Trusted Financial Partner

Navigating complex financial decisions can be overwhelming, especially when those decisions are tied to personal goals and multi-generational planning. This is where a trusted financial advisor makes a difference! At Blakely Financial, an advisor’s role goes beyond managing investments. We serve as partners and problem-solvers, ensuring every financial decision supports the lifestyle and legacy you envision for yourself and your family.

Our personalized, relationship-driven approach means we listen closely to what matters to you and craft strategies designed to help you pursue those goals with clarity and confidence.

Your wealth should work for you, allowing you to live a life you love and a legacy you’re proud of. Whether you’re focused on securing an early retirement, creating opportunities for your children, or giving back to your community, Blakely Financial is here to help you align your financial plan with your personal vision. If you’re ready to start building a financial strategy that supports your life’s priorities, reach out to our team today.

Blakely Financial, Inc. is an independent financial planning and investment management firm that provides clarity, insight, and guidance to help our clients attain their financial goals. Engage with the entire Blakely Financial team at WWW.BLAKELYFINANCIAL.COM to see what other financial tips we can provide towards your financial well-being.

Commonwealth Financial Network® or Blakely Financial does not provide legal or tax advice. You should consult a legal or tax professional regarding your individual situation.

Education Planning for the Next Generation: Strategic Wealth Transfer and 529 Investments

Posted on May 1, 2025May 2, 2025 by Emily Promise

One of the most powerful gifts you can give the next generation is the opportunity for a strong start. Whether thinking about your children’s future or your grandchildren’s, education planning is a strategic and meaningful way to pass on wealth, values, and financial stability. With the rising cost of education and evolving tax laws, thoughtful planning can ensure your financial support not only helps your loved ones today but also supports your long-term legacy. This is where 529 plans come in.

Why Education Planning Belongs in Your Wealth Transfer Strategy

For high-net-worth families and individuals, wealth transfer is about building a legacy, not just numbers, and funding an education is one of the most impactful ways to do so. Helping a child or grandchild graduate debt-free opens doors for their future and reinforces a commitment to lifelong learning.

Education planning also allows you to express your values while remaining strategic with your financial resources. It’s an opportunity to teach financial responsibility, support future goals, and make a lasting impact, all while benefiting from smart tax strategies.

Understanding the 529 Plan Advantage

529 college savings plans are one of the most flexible and tax-advantaged ways to invest in education. These accounts allow your contributions to grow tax-deferred, and as long as withdrawals are used for qualified education expenses, they are completely tax-free. This includes tuition, room and board, books, and even some technology and equipment expenses.

Depending on your state, you may also receive a state tax deduction for your contributions. 529 funds are also flexible – they aren’t just for college anymore! Eligible expenses can now include K-12 education, certain vocational and apprenticeship programs, and more.

Strategic Uses of 529 Plans for High-Income Earners

For high earners and legacy-minded individuals, 529 plans can serve a dual purpose: education funding and wealth transfer. Here are some strategic uses of 529 plans you may consider:

Superfunding 529 Plans: One powerful strategy is “superfunding” a 529 plan. This allows you to contribute up to five years’ worth of gifts at once without triggering federal gift taxes. This is currently up to $95,000 per beneficiary for individuals or $100,000 for couples, and can significantly jumpstart the account’s growth potential.
Maintaining Control and Flexibility: Unlike other forms of gifting, you retain control of the account and can change the beneficiary if needed. This flexibility is especially valuable for families with multiple children or grandchildren.
Multi-Generational Planning: Some families are even using 529 plans to plan for future generations, opening accounts for grandchildren, or even children not yet born, to ensure education funding remains a part of the family legacy.

New Rules, More Flexibility

Recent updates from the SECURE 2.0 Act have made 529 plans even more appealing:

Roth IRA Rollovers: Unused 529 funds can now be rolled over into a Roth IRA for the beneficiary (subject to limits and requirements), reducing the risk of overfunding and offering an additional retirement boost.
Expanded Qualified Expenses: The list of allowable education expenses has grown, offering more ways to use your savings efficiently.

These changes make 529 plans more versatile than ever and help ensure your contributions can serve multiple purposes over time.

Integrating Education Planning with Your Broader Financial Plan

At Blakely Financial, we review education planning as a key part of a comprehensive financial strategy. From tax planning and retirement strategies to estate and legacy planning, we help our clients align their education goals with their full financial picture. We regularly review 529 plans as part of our ongoing planning process, helping you adapt to changes in tax law, family dynamics, or your financial priorities.

Funding the next generation’s education is one of the most lasting and personal forms of wealth transfer. It’s a way to support your loved ones, reflect your values, and build a foundation for long-term success. Whether you’re just getting started or refining your existing strategy, our team at Blakely Financial is here to help. Let’s work together to create a plan that empowers the next generation and strengthens your legacy in the process.

Blakely Financial, Inc. is an independent financial planning and investment management firm that provides clarity, insight, and guidance to help our clients attain their financial goals. Engage with the entire Blakely Financial team at WWW.BLAKELYFINANCIAL.COM to see what other financial tips we can provide towards your financial well-being.

Commonwealth Financial Network® or Blakely Financial does not provide legal or tax advice. You should consult a legal or tax professional regarding your individual situation.

The fees, expenses, and features of 529 plans can vary from state to state. 529 plans involve investment risk, including the possible loss of funds. There is no guarantee that an education-funding goal will be met. In order to be federally tax free, earnings must be used to pay for qualified education expenses. The earnings portion of a nonqualified withdrawal will be subject to ordinary income tax at the recipient’s marginal rate and subject to a 10 percent penalty. By investing in a plan outside your state of residence, you may lose any state tax benefits. 529 plans are subject to enrollment, maintenance, and administration/management fees and expenses.

Wealth Management for Enjoying Life: Balancing Lifestyle and Financial Goals

Posted on June 22, 2023June 22, 2023 by Robert Blakely

Wealth management goes beyond simply accumulating money; it’s also about achieving a fulfilling and enjoyable life. As a high earner, it is crucial to find a balance between your desired lifestyle and your long-term financial goals. In this article, we explore strategies for effectively managing your wealth and ensuring its longevity while also maximizing the enjoyment and experiences your wealth can provide.

Define Your Lifestyle Goals

Envision the life you desire. Think about your passions, dreams, and generally what brings you joy. Do you love to travel? Are you an art lover looking to begin a collection? Identifying these unique lifestyle goals will allow you to begin long-term financial planning. These lifestyle preferences can guide your financial goals and decisions, ensuring your financial plan aligns with the goals that truly matter to you.

Create a Comprehensive Financial Plan

To successfully manage wealth and achieve your goals, it is important to develop a comprehensive financial plan. It can be helpful to work with a financial advisor to evaluate your current financial situation. From there, you can together set clear objectives and customize a plan featuring saving strategies, investment strategies, risk management, tax optimization, and estate planning to work towards these objectives.

Prioritize Your Spending

In order to maintain a healthy balance between wealth and lifestyle, it is crucial to be thoughtful with your spending. Constant overspending could jeopardize the preservation of your wealth for the future. Establish priorities in your spending and differentiate between short-term indulgences and long-term financial health and security. To avoid frivolous spending, create a budget and stick to it. Don’t forget to factor enjoyment into this budget – it’s all about balance!

Diversify Your Investments

Diversification of your investment portfolio is essential to managing risk and maximizing returns. Consider traditional assets, such as stocks and bonds, as well as alternative investments like real estate or private equity. This diversity will open up opportunities to experience new ventures aligned with your interests while also enhancing your long-term financial security.

Continuously Review and Adjust

Managing your wealth is not a one-time ordeal. It is extremely important to regularly review, evaluate, and adjust your plan as your circumstances change and your goals evolve. Make sure you are taking market conditions and emerging opportunities into consideration as well. Conducting periodic reviews with your financial advisor will help ensure that your financial strategy and objectives remain aligned.

Give Back and Make a Difference

While enjoying the benefits of your wealth, consider philanthropy as a way to create a positive impact on your community. Philanthropic efforts could include engaging in charitable activities and supporting causes you care about, whether they are local, national, or global. These efforts can provide a sense of purpose and fulfillment. Talk to your financial advisor about developing a philanthropic strategy that aligns with your values and leverages your resources to spark meaningful change.

Overall, wealth management is about building and maintaining your finances while also enjoying the benefits that come with your wealth. Defining your goals and creating a plan will allow you to embrace the opportunities that wealth brings while maintaining your financial well-being. While the balance between lifestyle and financial goals can be tough, the Blakely Financial team is here to help. Contact us today to speak with an advisor about securing your financial future.

Blakely Financial, Inc. is an independent financial planning and investment management firm that provides clarity, insight, and guidance to help our clients attain their financial goals. Engage with the entire Blakely Financial team at WWW.BLAKELYFINANCIAL.COM to see what other financial tips we can provide towards your financial well-being.

Commonwealth Financial Network® or Blakely Financial does not provide legal or tax advice. You should consult a legal or tax professional regarding your individual situation.

Securities and advisory services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser.

Social Security Update: Cost of Living Adjustment

Posted on October 18, 2022September 27, 2023 by Robert Blakely

If you receive Social Security benefits, you can expect them to be boosted by 8.7% in 2023. This cost-of-living adjustment (COLA) was announced by the Social Security Administration on October 13th, and it is a massive increase from that of previous years.

What does this mean for you, and what does it imply for the future?

In 2022, the Social Security cost-of-living adjustment was 5.9%, which was the highest in forty years. The last time the COLA was this high was in 1981, at 11.2%. This adjustment rate is set automatically, based on the inflation rate each year between July and September as it compares to the previous year, and has been set this way since the 1970’s. The amount is based on the rise in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).

Use the extra benefit wisely

Despite these annual adjustments for inflation, a 2021 study found that the buying power of Social Security benefits declined by 30% from 2000 to early 2021, in part because the CPI-W is weighted more heavily toward items purchased by younger workers than by Social Security beneficiaries. Due to this method of setting the COLA, you should not anticipate that the increase you are seeing in 2023 will be continued in the upcoming years; be sure to handle the extra money wisely to prepare for future years in which your benefits may not be as high.

While the COLA will actually take effect with the December 2022 benefits, payments will be made in January 2023. To gauge how much more money you may see next year, take your net Social Security benefit, add in your Medicare premium, and multiply that by the 2023 COLA.

If you have not yet begun to claim Social Security benefits, you may consider delaying until they are needed. Your benefits will still reflect the cost-of-living adjustments whether you claim them now or in a later year. Each year that you delay, benefits will increase 8% from your retirement age until age 70. Obviously, this strategy will not be ideal for every person, especially if you have health concerns, but you can change your mind at any point and begin receiving payments- you don’t have to delay until age 70 even if that was your initial plan. Conversely, if you are not ready to retire or decide to go back to work after retiring, you can still receive your social security benefits.

If you are in need of a financial planner to help you get the most out of your benefits to enjoy a long and comfortable retirement, contact Blakely Financial today.

Engage with the entire Blakely Financial team at WWW.BLAKELYFINANCIAL.COM to see what other financial tips we can provide towards your financial well-being.

Blakely Financial, Inc. is an independent financial planning and investment management firm that provides clarity, insight, and guidance to help our clients attain their financial goals.

Securities and advisory services offered through Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser.