Planning For Life
Estate Planning vs. Legacy Wealth Planning
Traditional Estate Planning is focused on financial assets and is also concerned with avoiding probate and estate taxes. On the other hand, Legacy Wealth Planning is concerned with the financial and non-financial assets of a family and creating a family’s personal legacy plan. Legacy Wealth Planning addresses how to capture those most precious intangible gifts: who you are and what’s important to you. In particular, this includes the transfer of family traditions and values, insights, stories, and experiences, as well as protecting financial wealth for current and future generations.
As we have seen with the current Covid pandemic, life is ever-evolving and can be quite unpredictable. Over time, circumstances and a change in life events can also impact your assets and family dynamics. We know for sure that the law will change. Thus, working with a trusted advisor is essential to ensure you have a legacy wealth plan that incorporates all of these changes and works when your family needs it the most. If your plan is not properly updated over time, your documents become worthless; worth no more than the paper they were printed on. Therefore, unlike most estate planning professionals where the relationship ends when you sign documents, it is our philosophy that the drafting of your documents marks the beginning of our relationship with you and your family for years to come. Allow us to work together with your trusted advisor to ensure you are optimally covered when life happens.
Planning For Business
If you are the kind of business owner who wants to make a real difference in the world while you are in business and leave behind a body of work that continues to do good for your family, clients and customers, and the world after you are gone, you’ve come to the right place.
As a trusted advisor, we provide full concierge service in our suite of offerings. Once you have your business entity properly structured, secure with necessary agreements, insurance, financial, and tax considerations noted, and intellectual property protections in place, we shift the conversation away from set up to the all-important exit. This will be an ongoing conversation throughout the life cycle of your business. In particular, we strategize on what we can do today to ensure that your business legacy continues after it’s sold, or if you decide to pass it on to business partner successors or loved ones.
Business Succession Planning
For a business owner, succession planning involves more than just deciding how your assets will be divided after you transition. At its most basic, a succession plan is a documented road map for partners, heirs, and successors to follow in the event of your death, disability, or retirement. This plan can include a program for distribution of business stock and other assets, debt retirement schedules, life insurance policies, buy-sell agreements between partners and heirs, division of responsibilities among successors, and any other elements that affect your business assets. For business owners at any stage, this level of planning is fundamental, and Legacy Wealth Financial Group is here to guide you every step of the way.
Legacy Wealth Planning for Life and Business is undoubtedly a big step. Our process is designed to ensure your confidence in the planning process from start to finish.