Ep 62: Sorting Out What’s Important About Legacy Planning

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Most people realize that it’s usually best to have an estate-planning attorney helping them with their estate plan, but it’s also important for the financial advisor to be part of that conversation. On this episode, we’ll explore the role an advisor plays in the estate and legacy planning process and uncover some of the basic mistakes people often make when trying to sort all this out on their own.

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Show Notes

An advisor plays a crucial role in estate and legacy planning process. We’ll explain some of the shifts we’ve seen in this area and uncover some of the basic mistakes people often make when trying to sort all this out on their own.

What role does a financial advisor play in estate and legacy planning?

We work with a lot of people who’ve saved a healthy amount of money. After we go through the planning process and see that everything’s going to be OK financially, there’s typically a surplus of money left over.

We explain some of the legacy plans they can do with that surplus. Whether people want to help their kids, grandkids or charities, we can help them plan for that. A financial advisor can also help you keep more of your hard-earned money by using good tax strategies.

How can you help family while you’re still living?

We’re seeing a big shift in how people approach legacy planning. Usually, your family inherits money when you die. But more and more people are wanting to share that money with their family while they’re still alive.

You have to determine when your inheritance can be most impactful to your family. Some retirees want to help their kids while they’re young and need more financial help.

How do clients typically view their legacy? 

Are most people trying to leave a lot of money to their kids and grandkids, or are they more focused on their own retirement lifestyle?

This is a split. Some feel that they’ve helped their kids financially over the years and now they want to focus on themselves. Other clients are focused on multiple generations and want to set up their kids and grandkids.

On today’s show, we’re also talking about opportunities for retirees to help their family. Listen to more of our conversation in the podcast or use the timestamps below to jump to a specific section.

Use the timestamps below to jump to a specific section. 

[1:00] – Importance of legacy planning

[3:37] – Money for kids

[10:27] – Advisors’ role in planning

[12:53] – How people view legacy

[15:00] – College education

[17:38] – Gifting

[21:20] – Taxes

Thanks for checking out this episode. We’ll talk to you again soon.


“Have you thought about how you want to provide support and leave a legacy?”

-Scott Sierens