Who Can Benefit From Legacy Planning Services?

Legacy planning is an important part of financial planning that often gets overlooked. It involves creating a plan to ensure your assets are distributed according to your wishes after you pass away, as well as taking care of any end-of-life medical costs or arrangements. While legacy planning is beneficial for everyone, there are certain individuals who can particularly benefit from these services. Here are five types of people who can benefit from legacy planning services.

Parents With Young Children

Parents with young children should have a comprehensive plan in place to designate guardians for their children, create a trust fund for their care, and establish a plan for their education expenses. Legacy planning can provide peace of mind from knowing that your children will be provided for in the future.

Business Owners

Business owners possess distinct assets and considerations that must be accounted for in their legacy plan. It is crucial for them to strategize the future of their business, appoint successors, and guarantee seamless operations in their absence. Legacy planning can help business owners protect their hard-earned assets and ensure a smooth transition of ownership in the future.

High Net Worth Individuals

Wealthy individuals with substantial assets often face intricate financial scenarios that demand meticulous planning to safeguard their wealth and reduce estate taxes. Legacy planning can help high net worth individuals establish trusts, create charitable giving plans, and structure their assets in a way that maximizes tax efficiency.

Individuals With Special Needs Family Members

Individuals who have family members with special needs require special consideration in their legacy plan. Legacy planning can help individuals set up special needs trusts, designate guardians, and establish a plan for the ongoing care and support of their special needs family members.

Older Adults

As individuals age, legacy planning becomes increasingly important to ensure that their wishes are carried out and their assets are protected. Older adults may need to consider long-term care planning, end-of-life medical decisions, and establishing a plan for their assets after they pass away. Legacy planning can help older adults navigate these important decisions and ensure that their affairs are in order.

Legacy planning is an important part of financial planning that can benefit a wide range of individuals, from parents with young children to high net worth individuals to older adults. By engaging in legacy planning, individuals can ensure that their assets are distributed according to their wishes, their loved ones are provided for, and their financial goals are achieved. If you fall into any of these categories, consider reaching out to a financial advisor or estate planning attorney at a law firm like Barrett Twomey Broom Hughes & Hoke LLP.