Delta Community Retirement & Investment Services Legacy Planning
To some, legacy planning is about transferring assets to their heirs. However, at Delta Community Retirement & Investment Services, we believe that legacy planning is much more than that. A well-developed legacy plan may transfer values, provide instructions to preserve family history and create lasting support for loved ones or causes. Beyond estate-planning basics, your legacy plan can also include your beliefs and convey life lessons to your heirs. It is about how you want to be remembered by your heirs, your colleagues, and your community.
Having the Hard Conversations
Some individuals avoid this topic because they are concerned about difficulties in talking with family members, confronting their own mortality, or becoming overwhelmed with questions and decisions such as:
- How do I protect and transfer everything I have accumulated?
- How do I talk to my loved ones about money?
- What else do I need to think about besides a will and beneficiaries?
- What tax consequences do I need to consider?
- How much can I afford to give?
- Should I give now or in the future?
- Should I distribute my assets all at once or spread out over time?
- Should I consider setting up a trust?
- How can I help my heirs sustain what I’ve created?
Opening the dialogue about wealth transfer is a complicated, personal decision. It is influenced largely by how you have been brought up to view money and the responsibilities that come with it. But, talking about your wealth with your trusted advisors and loved ones is an important step in planning for your future. Our CERTIFIED FINANCIAL PLANNER™ professionals can help facilitate family discussions and provide guidance on implementing your estate plan before, during, and after you’ve signed your estate documents.
Whether you are considering a direct gift to charity, balancing the needs of your loved ones with your own needs and goals, or leaving a legacy to last for many generations, working together with your team of planning professionals—such as your CERTIFIED FINANCIAL PLANNER™ professional, estate attorney and CPA—you will be able to assess your current situation and make progress toward implementing a plan of action.
Embracing the Planning Process
One strategy that may help families overcome planning challenges is to think about legacy planning not as a one-time exercise, but as a process that you live with every day—and that you integrate into the lives of your loved ones at a very early age.
An example of this early integration would be teaching young children to divide their allowances into three portions: one for saving, one for spending, and one for giving.
Look for opportunities to teach them about how you make decisions with your own money. Allow your children to make their own decisions about how they spend their money and, as difficult as it may be, allow them to live with the consequences of their decisions. Early involvement helps families prepare heirs for their future role as stewards of the family wealth.
Schedule an Appointment
Delta Community Retirement & Investment Services can help you with these difficult decisions and empower you to leave behind a proud legacy.
To schedule an appointment, or for more information about our legacy planning services, please email us at DCRIS@DeltaCommunityCU.com or call 404-677-4890.
Delta Community Retirement & Investment Services offers investment strategy, retirement advice and a range of financial services, combined with access to financial planning resources through our relationship with LPL Financial.
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