At a high level, legacy planning is a comprehensive term that is usually used in context of planning for future generations – in essence, your legacy. It’s about deciding what to do with your estate (e.g. your assets) and what impact that ends up having on those who receive it. Legacy planning is often used as an umbrella term to encompass not only your estate plan, but also charitable giving.
Despite how you categorize them, legacy and estate planning can be complex and overwhelming – both financially and emotionally. And they require careful planning and strategic foresight to successfully provide for your current and future financial needs.
Watch our video of Personal Capital CEO Jay Shah explain why legacy planning is an important component of your overall financial plan.