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Do you understand legacy planning?

Legacy planning can be a big part of creating a comprehensive estate plan. With this multigenerational planning approach, you will feel better about what the future will bring once you pass on.

Legacy planning takes into consideration your entire situation, not just "who gets what" when you pass on. For example, this gives you the opportunity to determine who will receive family heirlooms and the steps you can take to ensure that your business is passed down, in the appropriate manner, from one generation to the next.

Here is something else to consider: Legacy planning allows for a multigenerational reach. In other words, you can involve people from more than one generation, ensuring that you take care of everybody you care about. With a traditional estate plan, this is not always the case. Instead, you may find yourself leaving all your assets to one person.

Just the same as estate planning, there is a lot that goes into creating a legacy plan. In addition to seeking the assistance of an attorney, it's important that you get everybody in your family on the same page. The best way of doing this is to have a conversation with everybody who is part of your multi-generational planning approach.

Once you fully understand legacy planning, including the finer details and benefits, it may be something you want to learn more about. This can be a nice addition to the estate plan that you have in place, because it will help you fully understand your current situation as well as what will happen when you pass on.

Source: Five Reasons to Adopt "Legacy Planning" over Estate Planning, "Advisor Perspectives," accessed Feb. 19, 2016

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