No Two Families Are Alike, Just as No Two Investors Are the Same.
However, many families share the need to prepare for unforeseen situations. Whether your family dynamic requires you to help a child with post-secondary education, provide for a child with special needs, or care for an elderly family member, your Mulland Fraser advisor can walk you through your options and identify the best solution – all while preserving your own financial goals and future.
Planning for Education
It’s best to start thinking about post-secondary education when your child or grandchild is small, but it’s never too late. With options like automatic savings plans, trusts and insurance products, your Mulland Fraser advisor can assist you in determining the best strategy to save for post-secondary education to provide the future generation with the support they need to thrive.
Investing in a child’s education now will impact their future. With rising tuition expenses and a difficult employment environment, today’s young adults are more likely than ever to graduate from post-secondary school with significant debt. Spending years repaying college debt will limit their ability to save for important life events like as marriage, raising a family, home ownership or starting a business. It’s understandable that parents and grandparents want to help.
Caring for Aging Parents
As people live longer, we’re seeing the rise of the sandwich generation. People in their peak earnings years can find themselves with dependent children and parents, especially at a time when it’s crucial to make the most of their careers. The reality is that it’s difficult to anticipate costs that may arise for long-term care and health expenses. Growing and preserving your capital is the best defense against the unexpected, but there are many risk management solutions available to clients today to prepare for situations that may arise.
