There will come a time when you realize that you have spent a lifetime building your wealth and you want to know how it can provide a lasting legacy to the next generation. You might be at that stage today or see it as a future event. Either way, you need to plan for it. This type of wealth planning is what we call Legacy Planning.
If the goal is to leave your wealth to your children, it may seem like a matter of simply bequeathing these assets to them. But if there is any concern about their ability to manage this wealth, or about them possibly losing these assets to creditors, Legacy Planning should be done. For some of our clients, a major (and valid) concern is leaving so much wealth to their children that they lose the motivation to build their own wealth or develop their own careers. Therefore, an underlying and critical question is determining how much of your wealth to leave to your children and if you should place any guardrails on how funds are used. In determining this, it is important to define the level of financial security you would like to provide to your children.
Legacy planning is important to consider before a person passes away. After a person passes away, their wealth and possessions are passed on to next of kin or to people or charities specified in a will.
If you don't have a plan in place for your estate, its management might go against your wishes once it is passed on. Legacy planning is especially important for those with small businesses or other assets that require maintenance.
The following are the actions and issues that we encourage everyone to address to ensure proper Legacy Planning.
1. Getting your estate planning documents in order.
2. Bequeathing your wealth so as to leave a lasting legacy.
3. If applicable, planning to minimize the impact of federal estate and gift taxes.
4. Determining whether you also want to leave a charitable legacy.
Interested in our Legacy Planning Service? Contact Us