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Keeping Up with the Wagners

Keeping Up with the Wagners

September 14, 2021

You may not feel like it is possible to keep up with the Kardashians or the “Joneses,” but let me tell you about the Wagners.

Many of you know Mike Wagner, PWM Financial Planner with The Hock Group. Well, Mike is a “youngish” guy with a family, including his wife, three daughters, and a dog. Pictured above, Mike and his family endeavored to take a 3-week family vacation this Summer, driving from Phoenix across the Midwest to visit family in both Iowa and Wisconsin. Remember those family trips? Games, sightseeing, hotels, restroom breaks, etc. Life was possibly less complicated then, and hopefully the Wagners rekindled some of that wonder as they trekked across 8 states to celebrate the bond of family.

All great vacations come to an end, however, and the realities of the need for a solid financial plan at every stage of life is inevitable. Look again at the happy Wagner family and imagine the many planning issues they must face. A young, growing family means considering a larger home vs. remodeling an existing home:

  • Using credit wisely - refinancing and reducing debt.
  • Prioritizing education, retirement and other savings goals.
  • Maximizing employee benefits (e.g., retirement plans, flexible spending accounts).
  • Evaluating life insurance needs.
  • Providing for family health care.
  • Ensuring adequate disability, property, and liability insurance

Then there are Estate Planning considerations as well:

  • Guardians
  • Contingent beneficiaries
  • Protective trusts (e.g., QTIP trust for the survivor, long-term trusts for children)

While your principles remain the same throughout your life, the tactics you use to achieve your financial goals are continually changing. If you can relate to trying to keep up with the Wagners, we can help you create plans that suit whatever stage you happen to be in. Please reach out if you or anyone you know would benefit from discussing this topic further.

Baird does not offer tax or legal advice.