There are only 4 places your money can go after God makes you an angel –
Who would you rather everything go to? A philosopher once said, “The reason grandparents and grandchildren get along so well is they have a common enemy.” So, if not for your kids, do it for your grandkids.
Legacy planning can help ensure that your financial wishes are met, help you and your heirs avoid excessive taxes, and ensure that you can retire comfortably and pay for long-term care should you need it. This expert financial planning service is more than just drafting a simple will, but many people just like you may not know they need it.
Legacy planning is a valuable service that can benefit you, no matter how many or few assets you have.
Legacy planning involves a financial strategy to bequeath your assets to your heirs. It's usually conducted with a financial advisor, who can get to know your situation and talk about potential scenarios that can affect your heirs after you pass. Legacy planning deals with all your personal assets and business interests. Without something in writing like a will and legacy plan, your wishes may not be honored after you pass.
A will is a legal document that details where your assets go after your death, and if you have minor children, you can plan for their guardianship in case you pass away. An estate plan, by contrast, is a comprehensive plan that covers your wishes for your estate both during your lifetime and after your death. It's comprised of several documents and can include documents that cover your personal health wishes such as:
The term probate is simply the act that makes a will or trust enforceable in a court of law. On the other hand, estate planning is the financial plan that documents your choices for healthcare, a trust to pay for your long-term care, and a will that ensures the proper disposal of your estate.
Legacy planning can help business owners ensure that their wishes for succession after they retire or pass are honored. If you have a mentee or a partner that you wish to have your share of the business, legacy planning can help create documents that ensure that the right person receives your share of the business. This may also include your heirs being compensated for the value of the business which might pass outside of the family.
Most individual retirement accounts may be converted to Roth IRAs. These can include not just the traditional IRA that you set up for yourself, but also any qualified employer plans, including 401K accounts, 403(b)s, and governmental 457(b)s. These may all be eligible for conversion and you should consult a professional before doing any conversions from these plans, especially if you have unusual employment circumstances.