Is Legacy Planning Right for Me?

Is Legacy Planning Right for Me?

Legacy planning is an often overlooked aspect of financial planning, but it can be hugely beneficial to ensure that your heirs will remain financially secure after you are gone. Many people might think that legacy planning is only for the wealthy, but this isn’t necessarily true - anyone who wants to ensure their estate goes to the right people and organizations can benefit from having a plan in place.

It's important to gather a team of trusted advisors, such as an attorney and accountant, who can guide you through the process of creating a legacy plan tailored to your needs. Doing so can help you save time and money during the organizing process and set up your loved ones for long-term success when it comes to their finances.

Who Should Consider Legacy Planning?

Legacy planning is a great idea for anyone looking to ensure their hard-earned assets and values are passed on according to their wishes. Even if you don't feel that you need to worry about such things right now, it's never too early to start making plans. All individuals should consider some form of legacy planning, regardless of age or current wealth.

People who have assets or a business they want to protect from potential taxes and legal disputes may especially benefit from having a carefully crafted plan in place. Additionally, those with young children ought to take the proper steps to ensure their kids' financial future. No matter your age or current status, taking the time for proper legacy planning will set you and your family up for success in the more distant future.

How to Decide If You Should Move Forward with Legacy Planning

If you have recently inherited a wealth of assets that you need to manage, you may be considering legacy planning. A vital part of this process is determining if your end goal is to conserve the estate's value or pass it along to someone else. You should also think about any tax implications of either choice and whether or not it is wise for any charities or organizations you want to support in the future.

Taking stock of who holds ultimate decision rights and how much control they can assert over matters like taxes and creditors can also prove essential. Ultimately, assessing your overall goals and needs with respect to your assets is the best way for you to decide if moving forward with legacy planning is the right path for you.

For your legacy planning needs, call us today at (800) 265-2314.