Many people assume that legacy planning is only for the very rich, but extreme wealth is not necessary when planning your legacy. Everybody lives a unique life made of personal choices shaped by their beliefs, ethics, and values and therefore, everybody has a legacy! Legacy planning is a way to share your assets and your life with the next generation and perhaps influence them as well. Watch this short video:
What is the Difference Between Estate Planning and Legacy Planning?
Estate planning is closely related to legacy planning and is essential as a means of distributing your assets after you’re gone. And the more assets you have, the more important it is to plan for their distribution. But beyond your assets, everybody can set up a legacy plan to have an impact on the way they will be remembered when they die.
The difference between estate planning and legacy planning is really a matter of perspective. While estate planning decides how a person’s assets will be handled after their death, legacy planning takes it a step further and can even incorporate a personal memoir into the legacy documents. And to avoid family conflict, many people include a detailed directive for the distribution of their personal possessions and family heirlooms, including the history of those items. If philanthropy drives you, by all means tell the next generation why. You’ll also want to plan for succession in your business, if you have one, and include a statement of your values and guiding principles.
When your affairs are in order, you can relax knowing your wishes will be followed. And you can always make modifications as circumstances dictate or your desires change.
Legacy Planning- Where Do I Start?
It’s important to start legacy planning well before retirement along with writing your will and your healthcare directives. In fact, the sooner you begin, the better. A team of trusted experts for legacy planning would include your financial adviser, your tax adviser, and your estate attorney. All three specialties, and sometimes others, are needed to help you assemble a legacy plan that is both representative of your wishes and also legally enforceable.
A wealth adviser will help you with the financial aspects of legacy planning and help you plan for a happy retirement. Having financial security can allow you to leave wealth for your heirs as part of your legacy. A tax advisor will consult on the best way to plan for taxes. And an estate attorney will create the legal structure to put the whole plan together.
Contact Us Today
At Safe Harbor Financial, we will refer you to trusted, experienced professionals, as needed, to achieve your legacy plan. Why not take control of the way your heirs will remember you starting today? Why not contact us for your complimentary consultation and we’ll help you get a legacy plan started.