Legacy Planning is a financial strategy that prepares a person to bequeath his or her assets to a loved one or next of kin.

If we begin with the end in mind, Legacy Planning is one of the most important part of financial planning because ultimately, this is what financial planning is all about – leaving behind a legacy or what I call, “having transferable wealth”. Yet, it is often a type of planning that people procrastinate on, plan haphazardly or worse, don’t plan at all.

The financial legacy you’ll someday pass down, whether it’s a modest savings and investment portfolio or a multimillion-dollar inheritance, will impact the lives of those who matter to you most. You can help ensure that this impact is a positive one by giving your beneficiaries the support they need. Although studies have shown that as much as 70% of family money disappears by the second generation,1 this doesn’t have to be the case for yours. Teaching younger generations healthy financial habits now can help protect your finances and sustain your legacy for years to come.

Think about what legacy you want to leave behind. And because of this, their financial discussions do not go beyond achieving their basic needs. Teaching your family good money habits can help preserve the assets you leave behind. Plan Well Not For Yourself – You can Impact Generations! See full story...