WrapManager's Wealth Management Blog
When life changes, we can help you thoughtfully respond.

Katie O'Connor

Director of Client Services

Recent Posts

It’s a Family Affair: Talking to Your Family about Financial Planning

Posted by Katie O'Connor | Director of Client Services

August 15, 2018

The “Godfather of Soul,” James Brown, had a noble vision for how he wanted his assets distributed after his passing. His will had set aside $2 million for his grandchildren’s education, and he would also set aside millions of dollars for the education of underprivileged children in Georgia and South Carolina.

Eleven years after his passing, not a penny has gone to these beneficiaries of his will.

The reason: ongoing legal battles, as family members challenge Mr. Brown’s will in court and multiple parties argue over the assets in his estate. More than a dozen lawsuits have been filed since Mr. Brown passed away in 2006, and one of them involves nine of Mr. Brown’s children and grandchildren suing the estate’s administrator as well as Mr. Brown’s widow, Tommie Rae Hynie.[1]

James Brown carefully crafted his estate plan to focus on education and his community, yet his wishes are arguably yet to be fulfilled. It leaves one to wonder: what if Mr. Brown had gathered his entire family together, had very frank and candid discussions about his estate plan, and told his family explicitly that they were not to challenge his wishes. Where would his estate be today?

[+] Read More

Estate Planning Financial Planning

The Cost of Having a Child

February 14, 2018
There are numerous planning considerations involved when starting or expanding your family -- lifestyle, career, living space…the list goes on. Arguably the financial component is near the top of the list. Most people planning for family know that it will impact their finances, but to what extent? Using data compiled by the U.S. Department of Agriculture (USDA), the estimated cost for a married couple on the West Coast (with a combined income greater than $107,000) to raise two children would be a somewhat startling $775,620. Dig-in a little further, and the data suggests that around $166,000 would go towards education/child care. The family could also spend upwards of $110,000 on food alone. The data and estimates are based on a study performed by the Department of Agriculture titled “Expenditures on Children by Families, 2015”. The USDA created a fascinating and free calculator that anyone can use to run the numbers for starting a family. You simply tell the calculator how many children you have or want, your income level, whether you’re single or married, and what region of the country you live in. And that’s it! The calculator does the rest. [+] Read More

Protecting Your Online Identity: Simple Steps for Better Internet Security

October 13, 2017
In light of the increased security concerns caused by the Equifax data breach and the increased extent of the Yahoo data breach, we feel it is important to remind clients of ways that you can protect yourself from identity theft and other data theft. Below are four easy steps that you can take today to help protect your internet security. [+] Read More

How Team Sports Can Affect Retirement Planning

August 25, 2016
The Olympics ended with a spectacular closing ceremony, the event showed competition is alive and well and the United States topped the medal table once again! Thinking about sports does not generally equate to thoughts about retirement or saving for retirement, but a new TD Ameritrade study demonstrates how the two can actually be closely related. The findings of the study may surprise you. [+] Read More