Author: Greg Weimer

  • Generational Wealth Isn’t Built Alone: Why Family Meetings Matter

    Imagine this:

    The Smith family gathers around their living room—three generations in one space, from a retired patriarch to young adults just entering the workforce. They aren’t here for a holiday or a celebration. Instead, they’ve come together for something just as meaningful: a family meeting.

    On the agenda? The family’s shared values, long-term financial goals, philanthropic interests, and how their wealth can serve future generations—purposefully.

    This isn’t a one-time conversation. It’s a recurring practice that’s become a pillar of the Smiths’ legacy—and a powerful example of how family meetings can turn wealth building into a shared vision across generations.

    Why Family Meetings Matter

    We often think of generational wealth in terms of dollars passed down—but the true strength of a legacy lies in clarity, communication, and shared purpose. That’s where family meetings come in.

    These gatherings create space for:

    • Open dialogue about wealth, values, and vision
    • Education for younger generations around financial literacy and responsibility
    • Alignment around philanthropic goals or business succession plans
    • Assistance in Preventing misunderstandings or disputes down the line

    When done right, they can reduce uncertainty and build trust—two essentials for sustaining generational wealth.

    The Role of Family Meetings in Wealth Building

    Wealth building isn’t just about smart investments or tax-efficient strategies. It’s also about intentional planning that spans decades and generations. Family meetings support this by:

    • Clarifying goals: What does the family want their wealth to accomplish—in their lifetimes and beyond?
    • Preparing heirs: Future generations are more likely to steward wealth responsibly when they understand its origins and intentions.
    • Fostering unity: Shared decision-making can reduce the risk of family conflict and builds a stronger foundation.

    When families come together regularly to revisit these topics, they can be more resilient in times of change and more proactive about their financial future.

    Why You Don’t Have to Do It Alone

    Leading a family meeting—especially one about money—can feel intimidating. A trusted wealth management partner can make all the difference.

    At Confluence, we can help guide family meetings with:

    • Facilitation and structure that keeps conversations productive and inclusive
    • Customized agendas aligned with your family’s goals, values, and unique dynamics
    • Financial insights to inform key decisions about estate planning, charitable giving, and more

    We serve as a neutral voice, helping to create an environment where every generation feels heard, and every goal is clear.

    Start the Conversation That Builds Your Legacy

    Whether you’re navigating a business transition, planning your estate, or simply want to pass down values alongside wealth, family meetings are a powerful tool. When approached with intention and guided expertise, they can become more than a discussion—they become a defining part of your family’s story.

    Greg Weimer
    About the Author

    At the core of his personal and professional life, Greg is passionate about helping individuals and families maximize their lives and legacies. His dedication to this mission shines through as an individual, wealth manager, and leader.

  • Protecting Your Business Legacy: The Importance of Succession Planning

    For many business owners, their company represents more than just a source of income—it is a legacy built through years of dedication and perseverance. Ensuring the continuity of that legacy requires careful, strategic planning. Business succession planning is the structured process of transitioning ownership and leadership, helping to secure long-term stability and success for future generations.

    However, succession planning is not merely about selecting a successor. It involves developing a comprehensive strategy that mitigates risks, maximizes business value, and lays out a seamless transition path. Without a well-defined plan, companies may face uncertainty, internal conflict, or disruptions that could negatively impact operations. A thoughtfully executed succession plan can help business owners to retire with confidence, knowing their company is in capable hands.

    Establishing a Business with Long-Term Vision

    One of the most important decisions a business owner can make is whether they are building their company for longevity or positioning it for sale. This fundamental choice can influence leadership development, financial planning, and operational strategy.

    When a business is designed solely with an eventual sale in mind, decision-making tends to prioritize short-term gains over long-term stability. Cost-cutting may take precedence over investing in innovation, employee growth, and customer relationships. While this may enhance financial performance in the short term, it can leave the business fragile and ill-prepared for a smooth transition of ownership.

    Conversely, a company built with the future in mind can be better positioned to withstand the challenges of leadership transitions. Owners who focus on long-term success tend to make strategic investments in their workforce, establish strong corporate values, and implement scalable systems that help ensure adaptability in a changing market. These efforts can not only help strengthen the business but also can enhance its appeal to potential successors, whether they are internal leaders or external buyers. Ultimately, businesses with a legacy-driven approach are better positioned to thrive across generations.

    Key Components of a Successful Business Exit Strategy

    Ultimately, a business owner will likely want to exit the business through a well-thought out plan. If the business is going to survive into the future, the business exit strategy should carefully examine all aspects of the transition.  Here are a few key components:

    1. Determine Exit Options – Whether transitioning to a family member, a trusted employee, or an external buyer, determining the best exit option is critical. This process should involve evaluating potential successors based on competency, leadership qualities, and alignment with the business’s long-term vision.
    2. Financial Considerations – A successful business succession plan requires a thorough evaluation of both personal and business finances. Ensuring the company remains financially viable post-transition is essential, while also aligning the owner’s personal financial goals, such as retirement planning and wealth preservation, to secure long-term success.
    3. Tax and Legal Considerations – Transferring ownership could come with complex tax and legal implications. A well-structured plan can help minimize tax liabilities and avoid potential legal pitfalls.
    4. Leadership Transition – Preparing the next generation of leaders should include a structured transition period, during which the successor is trained and gradually assumes leadership responsibilities.
    5. Contingency Planning – Unexpected events can arise, so having contingency plans in place helps the business continue operating smoothly under unforeseen circumstances.

    The Role of a Wealth Management Firm in Business Succession Planning

    Navigating the complexities of business succession planning often requires professional guidance. Partnering with a wealth management firm like Confluence Financial Partners can be invaluable in creating a smooth transition. Our team of financial professionals can assist with various aspects of the process, including:

    • Comprehensive Financial Planning – Guiding a business owner in determining a sale price that makes sense and allows them to reach their financial goals. A wealth manager can also assist in the owner’s financial life post sale by developing strategies to protect and grow wealth.
    • Working with Other Professionals – Collaborating with legal, tax, and financial experts to structure the transition in a way that minimizes tax burdens, maximizes financial efficiency, and helps ensure a seamless ownership transfer.
    • Investment Management – Developing a strategic investment plan to help business owners grow and protect their wealth, and helping to ensure financial security both before and after their exit.

    Securing Your Legacy for Future Generations

    Business succession planning is not a task to be postponed. Proactively creating a structured exit strategy can help enable a seamless transition, safeguard your company’s legacy, and provide financial security for both you and your successors. Working with a trusted wealth management firm can also simplify the process and help ensure that your business remains strong for generations to come.

    If you are considering business succession planning, we encourage you to take the first step. Contact Confluence Financial Partners today to discuss crafting a customized succession planning strategy tailored to your unique business needs.

    Greg Weimer
    About the Author

    At the core of his personal and professional life, Greg is passionate about helping individuals and families maximize their lives and legacies. His dedication to this mission shines through as an individual, wealth manager, and leader.

  • End of Year Tax Savings Strategies

    Check This List – Twice – Before Year-End

    Proactive investors know that the months before year-end are an ideal time to make any final tax-saving moves.

    While keeping in mind your long-term investment goals, meet with your advisor and coordinate with your tax professional to examine nuances and changes that could impact your typical year-end planning.

    Mind Your RMDs

    Be thoughtful about required minimum distributions (RMDs) to ensure that you comply with the rules. If applicable and you have yet to do so, take your 2017 RMD to avoid a 50% penalty on required amounts not taken. Other considerations:

    • By automating your RMDs with your advisor, ensure that you never miss this important deadline.
    • You can take your first RMD during the year you reach age 70½, or you can delay it until April 1 of the following year. Know, however, that if you delay and take two distributions in the first year after turning 70½, your income could be inflated, which may affect your tax-bracket standing.
    • Subsequent RMDs must be taken no later than December 31 of each calendar year.
    • Qualified charitable distributions allow traditional IRA owners who transfer RMDs to qualified charities to exclude the amount donated from their adjusted gross incomes, up to $100,000.
    • Be mindful of how taking a distribution will impact your taxable income or tax bracket. If you have space left in your bracket or a down income year, you may want to consider taking additional distributions.

    To Harvest or Not to Harvest

    Evaluate whether you could benefit from tax-loss harvesting – selling a losing investment to offset gains or establish a deduction of up to $3,000. Excess losses also can be carried forward to future years. With your advisor, examine the following subtleties when aiming to decrease your tax bill:

    • Short-term gains are taxed at a higher marginal rate; aim to reduce those first.
    • Don’t disrupt your long-term investment strategy when harvesting losses.
    • Be aware of “wash sale” rules that affect new purchases before and after the sale of a security. If you sell a security at a loss but purchase another “substantially identical” security – within 30 days before or after the sale date – the IRS likely will consider that a “wash sale” and disallow the loss deduction. The IRS will look at all your accounts – 401(k), IRA, etc. – when determining if a wash sale occurred.

    Manage Your Income and Deductions

    Those at or near the next tax bracket should pay close attention to anything that might bump them up and plan to reduce taxable income before the end of the year.

    • Consider making a donation. Giving to a charity can benefit a cause you care about and reduce your taxable income. Make sure your gifts are well-documented. You also can gift up to $14,000 tax free to as many individuals as you wish.
    • Determine if it makes sense to accelerate deductions or defer income, potentially allowing you to minimize your current tax liability. Some companies may give you an opportunity to defer bonuses and so forth into a future year as well.
    • Certain retirement plans also can help you defer taxes. Contributing to a traditional 401(k) allows you to pay income tax only when you withdraw money from the plan in the future, at which point your income and tax rate may be lower or you may have more deductions available to offset the income.*
    • Evaluate your income sources – earned income, corporate bonds, municipal bonds, qualified dividends, etc. – to reduce the overall tax impact.

    Evaluate Life Changes

    From welcoming a new family member to moving to a new state, any number of life changes may have impacted your circumstances over the past year. Bring your financial advisor up to speed on major life changes and ask how they could affect your year-end planning.

    • Moving, for example, can have a significant impact on taxes and estate planning, especially if you have relocated from a high income tax state to a low income tax state, from a state with an estate income tax to one without or vice versa, or if you have moved to a state with increased asset protection. Note that moving expenses themselves, however, are no longer deductible as an itemized deduction for non-military members.
    • Give thought to your family members’ life changes as well as your own – job changes, births, deaths, weddings and divorces for example can all necessitate changes – and consider updating your estate documents accordingly.

    Next Steps

    Consider these to-dos as you prepare to make the most of year-end financial moves, and discuss with your financial advisor and tax professional:

    • Manage your income and deductions, paying close attention to your tax bracket, especially if you are on the edge.
    • Remember to take your RMD, if applicable.
    • Evaluate your investments, keeping in mind whether you could benefit from tax-loss harvesting.
    • Make a list of the life changes you and your family have experienced during the year.

    *Withdrawals prior to age 59 1/2 may also be subject to a 10% federal penalty tax. RMDs are generally subject to federal income tax and may be subject to state taxes. Consult your tax advisor to assess your situation. Raymond James advisors do not provide tax advice. 

    TAX PLANNING

    November 21, 2018

  • Finding Balance: Living in the Now, Learning from the Past, and Planning for the Future

    Are you focused on the past, present, or future?

    What is your time ratio? Here are a few thoughts to consider:

    10% – Past
    We benefit greatly from history, experiences, and lessons from our past. Unfortunately/fortunately, the past is over. We can no longer control or change it. Hold on to the positive experiences and valuable lessons, and leave the regrets behind.

    60% – Present
    It’s really all we have! Living in the moment is a gift. Waking up to the now and having a “be where your feet are” attitude is an important perspective to keep as you focus on the present. Let’s be careful not to allow fear, or distractions like cell phones, to steal our moments.

    30% – Future
    Happiness comes from believing your best days are ahead. Planning reduces stress, creates energy and increases the likelihood of a bright future. Don’t wonder if your best days are ahead of you, take concrete steps so that you can be sure!

    Let’s encourage each other to learn from the past, live in the present and believe in the future.

    We are grateful to be a part of your journey!

    Greg Weimer
    About the Author

    At the core of his personal and professional life, Greg is passionate about helping individuals and families maximize their lives and legacies. His dedication to this mission shines through as an individual, wealth manager, and leader.

  • 2024 Starts Here: Reflect, Plan, and Measure for a Purposeful Year

    The beginning of a new year is an exciting time to reflect, dream, and plan for the future. January is a month filled with anticipation and the good news is that we have control over 2024 and we can be the architects of our year.

    To do so effectively, we need to do 3 things:

    1. Reflect.
      1. To lay the foundation for an exceptional 2024, it’s important to get yourself in a positive state. The state you’re in matters! If you don’t take the time to reflect, you will likely come up short. Take a moment to flip through your phone’s photo album, review your calendar, and take inventory of what all you accomplished in 2023. Putting yourself in a positive state will help you dream and plan for the year ahead with excitement.
    2. Plan.
      1. What does an awesome 2024 look like for you? The more specific, the better! A good way to do this is to think about each quarter and what 3 or 5 things you want to accomplish. Dig into the ‘why’ behind these goals; make it emotional and powerful. The significance of your ‘why’ will inherently help you find the ‘how.’
    3. Measure and stay focused.
      1. To turn your dreams into accomplishments, it’s crucial to establish specific metrics and maintain your focus. In the hustle and bustle of life, staying focused on your ‘why’ can be challenging. Regularly revisit your goals, assess your progress, and adjust course if needed.

    By implementing the Reflect, Plan, Measure framework, we will become active participants in the creation of a year filled with intention and excitement.

    Great Days Ahead!

    Greg Weimer
    About the Author

    At the core of his personal and professional life, Greg is passionate about helping individuals and families maximize their lives and legacies. His dedication to this mission shines through as an individual, wealth manager, and leader.