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Planning for Wealth, Wishes and Legacy

“It takes as much energy to wish as it does to plan.” – Eleanor Roosevelt. 

Eleanor Roosevelt was as wise as they come. As Eleanor Roosevelt implied, spending time on planning is a MUCH better use of time than wishing. There are many facets to a financial plan that should be fully customized given a person’s situation, below are four of the major areas to address. Each of these areas help to protect a person’s wealth, wishes and legacy.   


Effective investment management is essential for individuals seeking to build and preserve wealth over time. It involves making informed decisions about where to allocate funds, what changes to make over time and later, how to distribute assets while managing the portfolio. Investing has historically allowed savings/investments to outpace inflation, thereby preserving and growing the real value of money. Inflation erodes the purchasing power of currency over time, and without effective investment management, individuals risk losing the ability to maintain their desired lifestyle. Diversification, a key aspect of investment management, helps spread risk across different asset classes, reducing the impact of poor performance in any single investment. This strategy enhances the potential for long-term growth while helping to mitigate the impact of market volatility. Successful investment management supports individual financial objectives, whether they involve saving for retirement, funding education, purchasing a second home or achieving other life goals. It requires ongoing monitoring, rebalancing and reallocation to the investment portfolio in response to changes in market conditions, personal circumstances, and financial goals. Ultimately, employing successful investment strategies empower individuals and families to take control of their financial futures, and navigate the complexities of the ever-changing financial landscape. By doing so, they position themselves for greater financial security and the realization of their long-term aspirations. 


Having insurance is crucial in a financial plan as it provides protection and mitigates various risks that could jeopardize one's financial well-being. Insurances ranging from life insurance to home/car insurance serves as a safety net, offering financial support in times of unexpected events. Several key reasons highlight the importance of including insurance in a comprehensive financial plan: 

  1. Risk Mitigation: Insurance helps mitigate financial risks associated with events such as illness, accidents, disability, or death. By transferring these risks to an insurance provider, individuals and families can avoid significant financial burdens that may arise from unforeseen circumstances. 
  2. Financial Security for Dependents: Life insurance, provides financial security for dependents in the event of the policyholder's death. It ensures that loved ones are financially supported, with funds available to cover living expenses, education costs, and other needs. 
  3. Asset Protection: Insurance can safeguard valuable assets such as homes, automobiles, and personal belongings against potential damage or loss. This protection is crucial in preserving one's overall net worth and avoiding significant financial setbacks. 
  4. Healthcare Costs: Health insurance is a foundational component in managing the high costs associated with medical care. It covers hospitalization, surgeries, medications, and preventive care, reducing the financial strain on individuals and families during times of illness. 
  5. Income Replacement: Disability insurance provides income replacement if an individual becomes unable to work due to a disability. This coverage ensures that there is a steady stream of income to meet living expenses and financial obligations. 
  6. Liability Protection: Liability insurance protects individuals from legal and financial consequences arising from third-party claims. This includes coverage for legal expenses and damages in cases of personal injury or property damage for which the insured is responsible. 
  7. Business Continuity: For business owners, various types of insurance, such as property insurance and liability coverage, are vital for ensuring the continuity of operations and protecting against potential financial losses. 

Insurance is a fundamental component of a sound financial plan, offering protection, security, and peace of mind in the face of life's uncertainties. It helps individuals and families manage risks effectively and ensures that financial goals can be pursued without the constant threat of unforeseen events derailing plans. 

Estate planning 

Estate planning is a process that individuals and families undertake to ensure the orderly distribution of their assets and wealth after their passing. Estate planning encompasses a range of legal and financial strategies designed to minimize taxes, protect assets, and provide for the smooth transfer of property to beneficiaries. The importance of estate planning cannot be overstated, as it goes beyond simply drafting a will; it involves comprehensive decision-making to safeguard one's legacy and provide financial security for loved ones. The minimization of estate taxes is a significant part of estate planning. By strategically organizing assets and utilizing tools such as trusts, individuals can reduce the tax burden on their estates, leaving more for their heirs. Additionally, estate planning allows individuals to have control regarding the distribution of their assets, ensuring that their intended beneficiaries receive the designated portions of the estate. Without a clear plan, disputes among heirs may arise, leading to legal battles and potential family discord. Estate planning is also instrumental in protecting assets from creditors and legal claims. Through the establishment of trusts or other protective mechanisms, individuals can shield their wealth from potential threats, preserving it for the benefit of their heirs. This is especially crucial for business owners, as proper planning can ensure the continuity of a family business or the preservation of its value. Furthermore, estate planning allows individuals to address important healthcare decisions through tools like living wills and healthcare proxies. Designating someone to make medical decisions on behalf of the individual in case of incapacity ensures that their preferences are respected and alleviates the burden on family members during challenging times. 

Estate planning is a multifaceted process that extends beyond the financial realm. It provides individuals with the means to articulate their wishes, protect their assets, minimize tax liabilities, and ensure the well-being of their loved ones. By engaging in thoughtful and comprehensive estate planning, individuals can leave a lasting legacy while promoting family harmony and financial security. 


Focusing on taxes within a financial plan is critical for several reasons, as taxation can significantly impact an individual's or a business's financial health. Integrating tax planning into a comprehensive financial strategy helps optimize financial outcomes, maximize savings, and ensure efficient wealth management. Here are key reasons why tax considerations are important within a financial plan: 

  1. Minimizing Tax Liabilities: Proper tax planning aims to minimize tax liabilities legally and ethically. By strategically utilizing deductions, credits, and exemptions, individuals and businesses can reduce their overall tax burden, preserving more of their income and wealth. 
  2. Enhancing Cash Flow: Effective tax planning can improve cash flow by minimizing the amount of income diverted toward taxes. This additional cash can be directed towards savings, investments, debt reduction, or other financial goals, contributing to overall financial stability. 
  3. Wealth Accumulation: Tax-efficient investment strategies can enhance wealth accumulation. By choosing tax-advantaged investment accounts and considering the tax implications of investment decisions, individuals can maximize returns and compound growth over time. 
  4. Retirement Planning: Tax considerations play a vital role in retirement planning. Contributing to tax-advantaged retirement accounts, such as 401(k)s or IRAs, allows individuals to defer taxes on contributions and potentially enjoy tax-free withdrawals in retirement, optimizing income during their post-working years. 
  5. Estate Planning: Tax planning is integral to effective estate planning. Strategies such as gifting, establishing trusts, and utilizing tax exemptions can help minimize estate taxes, ensuring the smooth transfer of assets to heirs and preserving family wealth. 
  6. Business Planning: Business owners must consider tax implications when making decisions related to business structure, investments, and transactions. Proper tax planning can contribute to the profitability and sustainability of the business. 
  7. Adapting to Tax Law Changes: Tax laws are subject to change, and staying informed about these changes is crucial. Adjusting financial plans in response to tax law modifications ensures that individuals and businesses remain in compliance and take advantage of any new opportunities for tax savings. 
  8. Risk Management: Considering tax implications involves assessing the potential tax consequences of financial decisions. This risk management aspect helps avoid unexpected tax liabilities and legal complications. 

Tax planning, within a financial plan, is essential for optimizing financial outcomes, preserving wealth, and ensuring that financial goals are achieved efficiently. By incorporating tax planning strategies, individuals and businesses can navigate the complex tax landscape and make informed decisions that align with their overall financial objectives. 

 In conclusion, Eleanor Roosevelt's timeless wisdom serves as a guiding principle for achieving financial success and security. As we delve into the crucial aspects of financial planning – investing, insurance, estate planning, and tax planning – it becomes evident that a proactive and customized approach is essential. By dedicating time to thoughtful planning, individuals can safeguard their wealth, fulfill their wishes, and leave a lasting legacy. As we navigate the complexities of these four key areas, we not only protect our current financial well-being but also pave the way for a more secure and prosperous future. With strategic execution, we empower ourselves to transform aspirations into tangible realities, recognizing that the journey towards financial fulfillment is a deliberate and purposeful one. 

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The views expressed represent the opinions of Breakwater Capital Group as of the date noted and are subject to change. These views are not intended as a forecast, a guarantee of future results, investment recommendation, or an offer to buy or sell any securities. The information provided is of a general nature and should not be construed as investment advice or to provide any investment, tax, financial or legal advice or service to any person. The information contained has been compiled from sources deemed reliable, yet accuracy is not guaranteed. 
Additional information, including management fees and expenses, is provided on our Form ADV Part 2 available upon request or at the SEC’s Investment Adviser Public Disclosure website, www.adviserinfo.sec.gov. Past performance is not a guarantee of future results.