Expert tips to build a financial future for you and your family

Make a plan to weather economic downturns

InvestigateTV - Building generational wealth can give your descendants a leg up on life and the ability to weather economic downturns and volatile markets.

Dion Pouncil, founder of the Hedge Fund Pouncil Capital and MoneySkool, a financial literacy and educational platform, said there are several things you can do to start building the foundation of your financial future, even when the economy is murky:

1) Get your estate planning in order. He suggested establishing a trust or a will to protect you and the assets you want to pass down to your future generations.

2) Consider setting up a family corporate entity. Poncil said family LLCs can help tremendously when it comes to tax savings. According to Investopedia, family LLCs can also shield against creditor claims be useful for estate planning.

3) Begin to build a legacy playbook. This is a plan to invest and acquire assets intended for the next generations.

4) Get a good financial planner. Pouncil said this will help not only long term, but also during the current rocky, economic times.

Rachel DePompa

Rachel DePompa

Rachel DePompa is NBC12's On Your Side Investigator. Before joining WWBT in March of 2008 Rachel worked in Roanoke, Bristol and Harrisonburg.