Leaving a legacy for the people you love.

By Hally Dunn, MBA

March 5, 2015

What legacy do you want to leave for the people you love in your life?

This is a profound question I consider when working with clients. It's important to consider these two parts to legacy planning:

  • Planning for your estate to be properly established to reflect your wishes for the people you love.
  • Planning to make sure that specific gifts will be passed on to your loved ones.

What would you like to pass to the ones your love?

Since having adequate retirement income is a paramount goal, the first step would be to work together to come up with your retirement income plan. If your plan shows you won't outlive your income, then you can plan to pass on assets to loved ones. Or if your plan reveals you are headed toward outliving your income, then we will work to revise the plan.

If all your assets are focused on retirement income, consider setting up a life insurance policy as a way to have a legacy in place. By doing this:

  • Your retirement assets will be used for your income.
  • You will provide an inheritance to those your love.

Estate Planning is a process of reviewing exactly what happens when you pass on assets to your beneficiaries, ensuring your assets go to the loved ones you’ve chosen. Here is a great article by attorney John J. Scroggin which gives a summary of the various areas to cover when you do your estate plan.

I'm passionate about helping clients achieve their financial goals. Contact me to take the first step together.

Email Hally if you need guidance.


This article was featured in 4SIGHT. Sign up free to receive 4SIGHT, our monthly newsletter of helpful financial articles, tips, events, and monthly IRS deadlines. 



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