Legacy Planning

“A good person leaves an inheritance for his children’s children” Proverbs 13:22

Once you have accumulated more than enough wealth for yourself, there may come a point in your life where you focus on tax-efficiently passing money on to your loved ones.

How important is it for you to leave a legacy to your family? That the money you worked so hard to store up for yourself can be effectively passed on in a way that empowers and not entitles those who receive it?

For some clients this is a very important issue. For clients who are concerned about their children’s ability to properly manage these assets, there is good news. Through the Private Trust Company, a wholly owned subsidiary of LPL Financial, clients can hire an objective trustee to continue to manage their monies when they pass on for the benefit of their children or other heirs.  And, we can continue to be the Wealth Advisors on the account so there is complete continuity, even after a person passes on.

If you are fortunate enough to have children that are good with money and can act as Successor Trustees, then you can still do gifting, and look at insurance to inexpensively pay Estate Taxes at your death if your estate is large enough to be taxed.

Estate taxes are success taxes. If you have built up a large estate then estate taxes may have a huge negative impact if not addressed. We can show you cost effective strategies which strive to reduce and transfer that tax as well as giving you advice on the appropriate successor trustee.

Legacy planning is a blessing. A wise person once said, “You are not ready to live until you are ready to die”. Having your plans in place allow you live full out with the peace of mind in knowing when your time is up you have been the best trustee with your money you could be.