Estate Planning is completing tasks required to manage an individual’s assets when they become incapacitated or pass away. Estate planning can include dividing assets among heirs and settling estate taxes. The purpose of estate planning is not only to ensure that your heirs are well taken care of after your death but can also lower tax bill during your life and keep more for your family and legacy. Estate planning helps bring peace of mind knowing that your wishes will be upheld after you pass on.
Legacy planning is a kind of financial strategy that prepares your assets to be bequeathed to your loved ones or next of kin based on your wishes. Affairs are planned by and with your financial advisor. Not only does your financial advisor assist in ensuring that your current assets are designated to go to the proper heir, but they also help plan for the growth of your estate and legacy throughout your life. Your financial advisor will ensure that you leave behind a gift that will serve your loved ones’ needs after your passing.