Legacy or charitable planning

There comes a time in everyone’s life when they begin considering the kind of legacy they want to leave behind for the generations of the future. How you can continue to provide for your family and the causes you care about after you have passed on is something you may think about often, or maybe you have never thought about it before. Whatever stage of life you are in, it is never too early to start thinking about legacy planning.

Passing your wealth to the right people at the right time
Throughout your life, you strive to surround those dear to you with every comfort possible and do your very best to provide for them within your means. After a lifetime spent building your wealth, you deserve peace of mind knowing your legacy will remain intact for your loved ones to enjoy - despite uncertainties.
Understand the importance and benefits of legacy planning. Choosing the right strategy and plan can provide security for you, your family and your business.

Protect what you’ve built for those you love
Love cannot be measured in terms of wealth, but a generous inheritance can be a lasting reminder of how much you care for your loved ones. A legacy plan grows and preserves your wealth, to ensure those closest to you can continue with the lifestyle you aspire for them.

Enjoy your current lifestyle, while securing your future
With a plan that works hard for you, you can enjoy those golden years, while leaving an everlasting legacy for the ones you love. You can grow your total assets so you will have more money to spend on your retirement and live in greater comfort. At the same time, you can still make sure your children get the inheritance you have intended.

Assurance that your wealth is distributed fairly and efficiently
Legacy planning helps to ensure your wealth is distributed among your loved ones as you intended - fairly and efficiently without any stress. With measures put in place, you can give your heirs the flexibility to divide your assets peacefully, making sure everyone you care about is accounted for.

Keep the family business - and the family - intact
You’ve worked hard to build your business. It’s only natural to hope that your loved ones will sustain the business you leave behind. But what if your heirs have different views on how to run or divide it? Because a business is a non-liquid asset, it is difficult to split it equally among your heirs.
A good plan can grow your wealth, and give your heirs the liquidity to divide the company fairly. Beyond financial security, you have peace of mind knowing your legacy will preserve not just your business, but also harmony in your family.

• Both estate planning and legacy planning has got to do with planning for your assets upon death.
• However, estate planning focuses more on your assets, while Legacy Planning focuses on the intangible assets.
• Estate planning focuses on the tangibles and monetary values of the assets upon passing, while Legacy planning focuses on the intangibles aspect.
• For example, when I pass away with insurance monies, I will give 50% to A, and 50% to B. This is estate planning. Legacy planning is giving the reasons why this money is for A and for B, and how best to use it to enhance their lives.
• For example, estate planning is penning down your Will, setting up your trust, Lasting Powr of Attorney (LPA), Advanced Medical Directives (AMD), Advanced Care Planning (ACP). Whereas, Legacy planning focuses on passing down your morales, your values, your WHY, so that those who receive knows how to be independent of it, and not be reliant on it.
• Pictorially, Estate Planning is the map and the car, while Legacy Planning is the guidebook and best practises on how to get to the destination.
• In Estate Planning vs Legacy Planning, Estate Planning focuses on the what, the who. Example, I give 10% of my money to my brother. Whereas, Legacy Planning is the When, the Why. Example: I give it to him when he turns 21 so that he can use this for his university education. Legacy planning focuses on helping the recipient's life to be enhanced and to be wise as a result of receiving the gifts.

Just as with writing a will, it's important to start planning your legacy early so that when the time comes, your affairs are in order. A Financial Advisor provides advice on how best to prepare your legacy and assist with any questions or special requests that might come up.

1. First, the financial advisor guides you toward reaching a level of financial security that will both provide you with a comfortable life and allow you to leave wealth as a part of your legacy. Many people forget that they cannot leave a financial legacy if they weren't financially secure enough to amass that legacy in the first place.
2. After addressing the issue of financial security, the financial advisor gives advice on how to ensure that your affairs are managed and continue to prosper after they've been passed on. 
3. The advisor usually recommends setting up a meeting with your next of kin to discuss how to manage your estate, so there are no surprises. The meeting allows you to communicate any preferences or wishes you have in how it should be managed or what should become of it. 
4. It's always useful to have these wishes in writing, such as in a will. 
5. The financial advisor can also assist you in donating any portion of your wealth to charity.
6. If you own a small business, for example, you might also be worried about protecting your estate from legal issues or creditors. Financial advisors can provide advice on how to take steps to ensure that your assets are protected after they've been passed down.
7. In addition to assisting with the estate's development and management, the financial advisor will discuss any taxes that might affect your estate. 
8. Taxable assets include life insurance policies, individual retirement accounts (IRAs), and annuities. 
9. Many people don't realize how high taxes on their estates can be, and they often don't realize the true value of their assets, so it's key to meet with a financial advisor during the planning process to make sure that all potential tax scenarios are taken into account.