|
          |
Legacy Planning The most important
action you can take, prior to any actual planning, is to develop a
written wealth mission statement which becomes an articulation of your
family financial philosophy. The Family
Legacy Questionnaire™ and The Legacy Interview™ are two of the tools our
planners use to help you clarify, unearth and
articulate your core values as they relate to wealth. This detailed
discovery process will help provide clarity
to your overall planning goals and objectives. The
Family Financial Philosophy (FFP) is a signed document clearly expressing
your core beliefs and values regarding the accumulation, preservation, use
and distribution of your wealth. Your will tells advisors, heirs and
others how you choose to To accomplish all you can through your financial and estate plan you must address three specific levels of the planning pyramid. First, financial independence; second, family legacy; and third, social capital legacy. FINANCIAL INDEPENDENCE The first level of the pyramid represents your financial independence. In order for meaningful planning to occur you must determine how much total wealth you will need to achieve and maintain financial independence for the rest of your life. Our planners will work with you to clearly identify and quantify your specific financial independence. FAMILY LEGACY In this second level of the planning process, the appropriate family legacy is discussed. Most people want to leave some part of their estate to family members or others who are important to them. However, few have figured out the appropriate amount. Many people die without leaving even a simple will. When this happens, it will be left up to the state to determine how and when your family will receive your assets. A strategy needs to be developed to protect your family and provide for their future in the event you pass on. The simplest form of estate planning is a will, a legal document that transfers what you own to your beneficiaries. Most wills go through probate, the legal process that validates your will. Correspondingly, probate can be expensive, time consuming and should be avoided. Estate planning can involve gifts, trusts and other advanced strategies. Working together, the attorney, CPA and financial planner can help clarify and guide you through the entire process. SOCIAL CAPITAL LEGACY Once you have secured financial independence and have determined the appropriate family legacy, you may discover you have sufficient freedom to consider the impact you might have on society in general. This is your social capital legacy. Social capital is the amount of your estate you will pay in tax and/or give to charity. |
  |
"Money is plentiful for those who understand the simple
laws which govern its acquisition." "There are three faithful friends - an old dog, an old wife, and
ready money." |
distribute your
estate. Your Family Financial Philosophy (FFP) tells them
why.