It’s a question that most people face at least once in their lives. Perhaps it’s the adventurous sense of spirit that takes you to all corners of the earth. Or maybe it’s the incredible kindness you show to your loved ones. But what about the impact you want to have with your more tangible assets?
This is where legacy and estate planning can come into play.
So what is the difference between legacy planning and estate planning? 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.
Regardless of how they’re defined, both legacy and estate planning can be complex and overwhelming – both financially and emotionally. And both require careful planning and strategic foresight to successfully provide for your current and future financial needs.
Read our free Personal Capital Legacy & Estate Planning Guide to learn more.
All legacy/estate planning and charitable giving analysis and insight provided is extended to you as a courtesy for educational purposes only. You should not rely on this information as the primary basis of legacy/estate planning and charitable giving decisions. We are not licensed legacy/estate planning and charitable giving professionals. You should consult a qualified licensed professional regarding your specific situation.
Amin Dabit, CFP®
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