What Is Legacy Planning?
Legacy planning is the act of preparing how you will bequeath your property and assets to your loved ones after your death. It’s more or less a synonym of estate planning, but the term has gained popularity among financial advisors in recent years. This is perhaps because “estate planning” has come to evoke death, or perhaps because “estate” is associated with the wealthy.
Ultimately, though, there are no hard and fast requirements that clearly distinguish the process as legacy planning rather than estate planning. The process entails anything and everything that ensures you’re happy with the legacy you leave behind.
Why Is it Important?
Whether you call it estate planning or legacy planning, transferring wealth from estate to beneficiary is often far from simple. Just dealing with the probate process alone can take months, sometimes years. Many legacy or estate plans will therefore rely on trusts to avoid the probate process altogether. You can fill more specific needs in your plan.
Long Term Support
Many clients view their estate plans as a “one and done” task. Once executed, the binder of documents is put in a drawer and rarely thought of for some time. However, an estate plan is intended to be modified as family and financial situations change — hence why revocable trusts are also known as living trusts.
Determining how you want to live is as much a part of an estate plan as planning for what happens when you die. Your financial advisor can show you how gifts may impact your financial plan and can help make you feel more comfortable about transferring wealth and helping loved ones during your lifetime.
Finally, even with plenty of sound legal advice, an estate plan can be botched if proper follow-up is not implemented. Annual housekeeping tasks that are often required on lifetime wealth transfer strategies are all decisions that can be reviewed and monitored with a financial advisor.
Current events have put the most carefully drafted financial and estate plans to a test. The benefits of having the right financial advisor as a member of your team has never seemed more important. Knowing you have a trusted advisor who puts your interests first is yet another way of saying, “We are in this together.”
Fresno Financial Planner Takeaways
Soutas Financial your Fresno financial planner would like to remind you of these points: Legacy planning is the act of preparing how you will bequeath your property and assets to your loved ones after your death. An estate plan is intended to be modified as family and financial situations change — hence why revocable trusts are also known as living trusts. Your financial advisor can show you how gifts may impact your financial plan and can help make you feel more comfortable about transferring wealth and helping loved ones during your lifetime. Annual housekeeping tasks that are often required on lifetime wealth transfer strategies are all decisions that can be reviewed and monitored with a financial advisor.
Diversifying your retirement assets among a variety of vehicles and alternatives—both insurance and investment oriented, depending on what is appropriate for your situation—may offer you a better chance of meeting your retirement income goals throughout your lifespan. We help our clients with problems sometimes associated with retirement such as stopping spend down and avoiding probate. In doing so we leverage Medicare long term care as well as risk management designed to help accomplish those goals.
When searching for Fresno financial advisors, look no further than Soutas Financial & Insurance Solutions Inc. your Fresno retirement planning advisor is committed to helping take the complexity out of retirement planning. By using a variety of insurance and investment strategies that focus on Asset Protection, Long-Term Care Strategies, Legacy Planning Tax-Efficient Strategies, IRA, 401(k) & 403(b) Rollovers, Life Insurance, Annuities, Medicare, we can help you develop an overall retirement income strategy specific to you and your family. We have a strong team of professionals helping ensure you receive all the assistance you need not only in developing your retirement income strategy, but in maintaining it throughout your retirement. Contact us today at 559-230-1648 or visit us today at Soutas Financial to get your retirement plans on track for success!
Investment advisory services offered only by duly registered individuals through AE Wealth Management, LLC (AEWM). AEWM and Soutas Financial & Insurance Solutions, Inc. are not affiliated companies. California Insurance License # OK48173
Soutas Financial & Insurance Solutions Inc.
333 W. Shaw Avenue Suite 106
Fresno, CA 93704
We are an independent firm helping individuals create retirement strategies using a variety of insurance products to custom suit their needs and objectives. This material is intended to provide general information to help you understand basic retirement income strategies and should not be construed as financial advice.
The information contained in this material is believed to be reliable, but accuracy and completeness cannot be guaranteed; it is not intended to be used as the sole basis for financial decisions. If you are unable to access any of the news articles and sources through the links provided in this text, please contact us to request a copy of the desired reference.
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