You’ve probably heard of estate planning – a term typically associated with high-net-worth individuals to describe the transfer of assets to loved ones following their passing. But have you heard of legacy planning?

Legacy planning is synonymous with estate planning, the main difference being that the name loses its prestigious stereotype, and it applies to everyone looking to leave their family with a lasting financial impact. 

Why is Legacy Planning Important?

Despite being a sometimes uncomfortable topic, planning for the financial legacy you leave behind will give you peace of mind. By working with a financial advisor on your legacy plan, you will be able to maximize what you leave behind through various strategies such as managing what will go towards taxes, and what will end up in the possession of your loved ones. Developing a legacy plan will also assist in creating a smooth transfer of wealth when the time comes.

Regardless of the dollar amounts associated with your assets, legacy planning is important in ensuring your assets have a lasting impact on the lives of your loved ones.

Where to Start

Planning for the legacy you leave behind can be an emotional and complex process, one that you don’t want to go alone. The first step in developing your legacy plan is to find a trusted financial advisor who can walk you through this process. 

Our team of advisors work alongside your financial goals, always helping pursue our client’s best interest. To create an estate plan, our advisors will ask you for the following: 

  1. What are all of your assets? This could include investment accounts, insurance policies, real estate, other physical belongings, and more.
  2. Who are you planning to pass on your assets to?
  3. Will a portion of your assets be donated to a registered charity or organization?

Based on your answers to the above, your RaeLipskie advisor will begin developing your unique legacy plan. 

To learn more about legacy planning and to discuss your options, talk to one of RaeLipskie’s trusted advisors. To get started, contact us today!