"What we do for ourselves dies with us. What we do for others and the world remains and is immortal."
An estate can transition to beneficiaries at any moment. Talking through who or what you would like to benefit from your life’s work can be a rewarding experience. The legacy plan that you put into place can give you confidence that your hard-earned assets will end up where and with whom you want them. Considering family dynamics, charitable giving, asset ownership and taxes in collaboration with advice from your estate planning attorney can produce a plan that will help facilitate your wishes.
Glen and Karen have lived a frugal life. As a farming family, they were constantly planning for the volatility of crop prices by saving their hard-earned money for a rainy day. They have always seen it as important to plan for their own retirement outside of the assets of the farming operation. While engaging in their financial plan, the topic of their legacy plan arose. They had scarcely considered how their financial life, frugal lifestyle and educated financial decisions over the years could impact their beneficiaries, and potentially their church and community. After collaborating with both their tax professional and estate planning attorney, their financial planner was able to design a plan that allowed them to intentionally pass on as many of their hard-earned assets upon their future passing as possible, all while navigating family dynamics, retirement needs, taxes and the succession of the farming operation.
This is a hypothetical case study that is intended to illustrate products and services available through Waddell & Reed. It does not necessarily represent the experience of other clients. The information and strategies presented are not appropriate for every investor. Individual clients should review with their Financial Advisor the terms, conditions, and risks involved with specific products and services.
Waddell & Reed does not provide tax or legal advice.
At Elevánt Wealth, we know from experience that an estate can transition at any moment.
Having the opportunity to assist in the designing a plan for the legacy our clients would like to leave behind is a rewarding process. Without a written, formal and executed estate plan, the government has a plan in place for your estate that is likely not the plan you would author. Surviving spouses, kids, family, business partnerships, charitable organizations and our clients can all benefit from formal legacy planning as a part of their comprehensive financial plan.