Your Financial Legacy: Avoid the Gaping Hole That Can Swallow Your Assets

By: Hammond Iles on February 8th, 2017

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Your Financial Legacy: Avoid the Gaping Hole That Can Swallow Your Assets

financial planning  |  legacy planning  |  charitable giving  |  Charitable Giving  |  Estate Planning  |  Legacy Planning

Make the Most of Your Financial Legacy

As you get older, you might start thinking about how you can pass your lifetime of collective wisdom, values, and assets to the next generation. Most parents hope their kids will be successful, and in turn also pass wisdom, values–-and wealth to their own children.

When it comes to assets, a transfer between generations opens a gaping hole that can swallow much of what you’ve worked for. The transfer gives federal and state tax authorities the opportunity to levy and collect estate and gift taxes, shrinking what’s actually left.

Depending upon which state you live in, a transfer of assets between spouses or civil partners may or may not be subject to tax. So, most inheritance plans focus on the transfer of assets to the next generation. How can you safeguard your wealth and keep it in the family?

Invest Wisely. Plan for Your Goals. Don’t Forget to Prepare for the Unexpected.
You can run into trouble if you don’t address the unexpected factors that could wipe out a large portion of your assets. Do you have a plan in place to care for aging relatives, terminal illness, loss of life, or disability? These types of things can be a huge blow to your family’s finances.

If you’re like most people, you’ve worked and planned for your immediate financial security but haven’t given your legacy a second thought. You’re busy living your dreams, working, starting a second career or business, caring for family, traveling and volunteering. We find that parents often haven’t fully shared their intentions or financial situation with their grown children. They tell us it’s because they don’t have time, relationships are strained, they’ll get to it later, or they’re scared their children might get lazy and make poor decisions.

Charity Bridges Generations
As you look for meaningful ways to build your legacy and open conversations between family members, you might want to consider a family giving project. This gives children and grandchildren a chance to make decisions and learn. It sparks conversations about life’s complexities in deeper, more meaningful ways, and is a catalyst for relationships between generations.

Did you know that charitable giving has the potential to leave more for heirs, not less? Do you want to work your entire life only to turn your assets over to the government? Why not pass them on to the next generation, charity, or both?

You can plan to invest wisely and protect the assets you’ve built. Attend “Mind Over Money” as a family and set yourself in motion to make the most of your financial legacy. Call (800) 416-1655 to get started.