Legacy Planning
Legacy Planning: Leave Your Mark for Generations to Come
Picture this: 30 years from now, your contributions to medical research could help find a cure for cancer. A donation to your alma mater could continue a scholarship program that allows underprivileged kids to attend college. Your donation to the arts could support programs that teach future generations about music and dance. When it comes to legacy planning what are your goals?
A legacy can be so much more than just money left to your kids. Legacy planning involves thinking broadly about the future, about generations of your family you might never meet, and about the various ways you want to pass along your values and vision to the world.
Life Insurance and Legacy Planning: Protecting and Preserving Your Wealth
Why is life insurance such a desirable vehicle for transferring wealth? Because it offers you a rate of return that is tax-free and guaranteed. Those are sacred words when you’ve worked a lifetime to build up a respectable net worth. Life insurance in your legacy plan can also help you:
Maintain fiscal oversight. A properly structured life insurance trust lets you set the terms for your future donations, even after you’re gone. This ensures that your trustees distribute your money according to your wishes and always work to fulfill your vision for the future.
Increase the good you can do. When you build a legacy plan anchored by a life insurance policy, you’ll pass more money along to the charities you support, providing them with more money to sustain their programming and reach their goals.
Perpetuate generational wealth. Owning life insurance inside a dynasty trust can help future generations to achieve more. Funding a dynasty trust using annual gifts or by taking advantage of your lifetime exclusion means reducing the size of your estate now and passing tax-free funds along to your heirs.
Maximize Your Legacy
A thoughtful legacy plan aims to pass along not just your money, but your values and objectives as well. Call us at 800-DIE-RICH to learn how a properly structured life insurance strategy can help you maximize your legacy so that the world can continue to benefit from your contributions long after you’re gone. The consultation is free and the potential positive impact on your legacy is virtually limitless.
Can a Tax-Deferred Annuity Plan Be Used for Estate Planning?
A recent survey found that 23% of Americans in the last year have increased the amount that they’re saving for retirement. Young adults appear to be the biggest savers, which means that they’re getting a head start on planning for their retirement. While it’s never too early to start saving for retirement, one of the […]
Why Multigenerational Legacy Planning Is Crucial for Strategic Wealth Management
Ensuring a lasting legacy is the goal for many clients who seek the advice of financial advisors, but many legacy planning strategies fall short in accounting for the complexities of multigenerational wealth transfer. Too often, affluent families default to naming children, grandchildren, and favored charities as beneficiaries to their estate with little thought toward wealth […]
Legacy Planning Strategies: 5 Reasons Why Life Insurance Is the Best Wealth Transfer Vehicle
When it comes to transferring your wealth to the next generation, you have several options. You can keep things really simple and pass along bank and brokerage accounts full of stocks, bonds, and cash, but beware of the tax bill that may follow. We’ve seen families shocked when 50% of the wealth created by a […]
