Play It Again, Steve – Timeless Financial Tip #10: Making Legacy Planning More Meaningful

Let’s face it: When families list their favorite financial planning projects, legacy planning rarely makes the cut. It may feel as if you're putting the emphasis exclusively on death and taxes, rather than your lifetime pursuits such as building a career, pursuing your personal interests, stewarding your kids into adulthood, and retiring in style. Then again, I believe the term “legacy planning” is misleading to begin with. It sounds so dry and formal—as if it’s only for uber-rich, multigenerational dynasties, or the tail end of your lifespan. No wonder most people put off planning for it. In reality, legacy planning can be worthwhile for almost anyone. And it’s not just for later in life; key aspects of it can help you enjoy a more enriched life today. In today’s Timeless Tip, we’ll cover the possibilities.

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Accelerating Your Legacy Planning by Gifting In Advance

Instead of your excess wealth being distributed after you die, you may find even greater value in giving some of it away while you’re still around. Properly managed, making gifts and charitable donations while you’re alive can offer solid tax-saving benefits to you and your estate financial planning. In particular, targeted charitable giving can be a powerful tool for business owners and similar professionals who are approaching retirement and facing high-tax events, such as selling their business, or exercising highly appreciated stock options. As importantly, it can be incredibly rewarding to witness the results of your generosity. Don’t underestimate the value this intangible benefit can add to your life and legacy planning.

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