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3 Reasons Why Every Family Needs a Legacy Plan Now

December 04, 2023

A common misconception about legacy planning is that only the very wealthy leave legacies. But nothing could be further from the truth. That’s because your legacy is about far more than the money or assets you leave to loved ones or the organizations you support. It’s also about protecting your family with your income and tax strategies after you’re gone.

Below are three reasons why it’s never too early to begin thinking about and planning your family legacy:

  1. Legacy planning helps to protect the lifestyle you and your family value. How will you protect the income your family depends on in the event of a wage earner’s job loss, death, or disability? How will you ensure you have the income you need to accomplish your goals up to and through retirement? Legacy planning is part of a broader financial strategy developed to help you manage your personal and financial affairs while you're alive and control the distribution of wealth upon your death. By aligning your financial assets and investment strategy with your goals and values, planning helps to ensure your family is taken care of, no matter what.
  2. It’s not what you earn, but what you keep that matters. Taxes make planning paramount at all stages of life. That’s because you want as much of your wealth as possible to support the people and organizations that are important to you—not lost to taxes. Doing so requires strategies that seek to manage and reduce your tax exposure now and help to protect the value of assets intended for distribution upon your death.
  3. Planning helps to ensure the smooth transition of wealth. Serving as an objective family advocate, a financial professional can help ensure your financial success is shared according to your wishes. That may include educating your children and grandchildren on wealth management concepts and principles; establishing trusts for minors or family members with special needs; helping your heirs make prudent financial decisions; and carrying out your philanthropic goals, among others. Best of all, working together means getting help to implement strategies during your lifetime, enabling you to witness your legacy in action through various investment, asset protection, and gifting strategies.

To learn more about how the financial management process can help you define and implement your legacy goals, contact the office today.

This material is designed to provide accurate and authoritative information on the subjects covered. It is not, however, intended to provide specific legal, tax, or other professional advice. For specific professional assistance, the services of an appropriate professional should be sought.