Why Prioritize estate planning?
How to Plan a Legacy
1. Organize Your Thoughts
Before you can formalize your plan, think about what your end goals are and the type of legacy you may like to leave. Do you have grandchildren, nieces, or nephews you want to help out with college? Want to make sure you leave a percentage to your church? Maybe your goal is simplicity: you want to keep things cut and dry. Take the time to think about the direction you want your estate planning to go and make a list of your biggest priorities.
2. Map Your Assets
Identify all of your financial assets and accounts. Obtaining a comprehensive inventory of all your finances is essential for effective legacy planning, as one overlooked insurance policy or missing title can cause confusion.
Feeling overwhelmed at the idea of tracking down EVERY account? Our Estate Planning Checklist makes it easy! You can download it for free here.
3. Address Legal Tools
The next step is to establish your will, trust, and power of attorney, and other legal documents. Work with your lawyer to ensure these documents reflect your most current values, and review and update them regularly.
4. Talk to Your Family
Although conversations like these are awkward, they should not be avoided. Ensuring your family is aware of your plans can help avoid high emotions and prepare them for what is to come.
5. Review, Reflect, and Adjust Over Time
Goals, plans, priorities… they all change as life changes. When that happens, your advisor can help revisit your plan and adjust it to accommodate those changes.
Don’t want to wait to start?
Consider annual gifting!
The annual gift exclusion is $19,000 per recipient. This is an excellent option if you want the chance to see your legacy in action.
Your advisor can help you navigate taxes, RMD, and other details to integrate annual gifting into your financial plan.
Start the Conversation Today
Contact a Greenwood Capital advisor today to start planning a wealth transfer plan that works for you.
William M. Coxe Jr.
Private Client Advisor
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