You may think that legacy and estate planning is only necessary for the ultra-wealthy. Or perhaps you think you’re too young to start planning. But it’s never too early to make sure your affairs are in order—and it’s necessary for anyone who wishes to leave property or assets to their loved ones. To help you create an appropriate plan, Good Life Financial Advisors offers independent legacy planning services in Mt. Pleasant, SC.
Contact us today to set up a consultation.
What is Legacy Planning?
Legacy planning encompasses the property and assets you’ll bequeath to your loved ones. It also includes other aspects of your legacy such as charitable giving or values you hope to pass down to your heirs. This planning involves more of a holistic approach than simply deciding how to divide your estate.
A will is an important piece of your plan, but it’s important to also sit down with loved ones. Discuss your plans and wishes for your legacy with them now so that they can ask any questions and you can address any concerns.
Gathering the Right People
The first step in creating an appropriate plan is to gather the right people. Due to the complexity of the process, it’s typically worth working with a financial advisor. Make sure your advisor takes the time to get to know you, as your plan will be unique to you and your goals. You will also likely need an attorney and tax advisor. Ensure that communication occurs between everyone involved in the process.
The next step in creating a plan is gathering the necessary information. This includes everything from investment accounts to insurance policies. Have a discussion with your financial advisor about how you can best manage your assets now in order to both live comfortably and provide support to your loved ones once you’re gone.
Documenting Your Wishes
There’s more to consider than simply who you want to leave you property and assets to. Are there any wishes for your medical care that you want documented? Do you want to leave money to charity? This is an area where working with a professional can be of huge assistance. A financial advisor can help you address every aspect of your legacy, including parts you may not have considered.
Tax & Probate Considerations
You want to leave behind as much as you can. In order to do so, you need to consider how taxes will affect your estate. Estate taxes can be incredibly complex, and rules differ between states. Work with someone who understands all the many tax implications, including how local taxes will affect your estate.
Another option to consider is creating a trust in order to avoid the probate process. The probate process can be long and costly, and trusts allow the process to be avoided.
Let’s Get Started
Legacy planning is about supporting your loved ones. Our knowledgeable advisors can provide the tools and guidance to help you support the ones you love even after you’re gone.