Legacy Planning

The essence of legacy planning goes far beyond Estate Planning, and encompasses the passing down of values, life lessons, final instructions, and assets to family and loved ones.

Many Baby Boomers feel that the values and morals they leave behind are far more important to them than their stock portfolios or IRAs. They agree that the best way to hand down their money to their loved ones is to first pass on their values.

You may wish to invest more time and energy into making sure your children, grandchildren and all those important to you have something that will last even if the money does not. You may also wish to leave behind a written or video “legacy plan” that shares your stories and the lessons you learned, as well as final instructions for funerals and distributing your personal articles.

It is also important to plan for the financial aspects of your legacy, and a qualified financial planner with experience in legacy planning can help you do just that. Planning for your legacy involves taking advantage of many advanced wealth transfer strategies, such as:

  • Generation-skipping planning

  • Charitable trusts

  • Foundations

  • Gift annuities

A potential way of enhancing your legacy beyond your loved ones is planned giving to one of your favorite charities. This philanthropic strategy not only could provide important help to those who need it most, but may also offer considerable tax advantages and other financial benefits for you.

Take the first step to successful legacy planning by connecting with a qualified financial planner now. For more about legacy planning, read The Ultimate Gift by Jim Stovall, now a major motion picture.