LEGACY & ESTATE PLANNING

“I want my last check to bounce!”

We’ve heard that statement on more than one occasion from our clients who are preparing for retirement.  But the reality is that as we get older, its common to see priorities shift to considerations for a more meaningful lasting legacy.  This is why the final piece of the planning puzzle is legacy and estate planning.

It’s important to remember that your money will ultimately go to one of three “beneficiaries”.

  1. The government
  2. Your family
  3. Charities of your choosing

You get to choose 2 of those 3.  And if you aren’t intentional about your estate plan, you can trust that your primary beneficiary will be the government.

What can you do about it?

It’s ok to start with selfish interests.  If you know that your first priority is to simply limit how much of your life savings goes to Uncle Sam, that’s enough of a directive to get you started.  “Disinheriting” the government is enough of a motivation to help get most people started.

This opens the doors to all kinds of planning opportunities.  Many of which can help to substantially cut your tax bill while you’re alive, while leaving a larger legacy than you might have ever thought possible.

Even if your primary goal today isn’t to leave multi-generational wealth for your family, or to leave a windfall to a charity, having a comprehensive legacy and estate planning process will help ensure that your money goes where you want it to.

As you get older you might even find that your motivation for impact and contribution catches up with the selfish desire to cut out Sam!

💰 Want to learn more about the TWW RETIREMENT PERMISSION SLIP and how we create retirement plans? Click here to get your RETIREMENT PERMISSION SLIP.