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As chatter around the Great Wealth Transfer gains steam,the importance of legacy planningis making headlines.
Here are eight truths about legacy planning that any solid financial advisor should share with you.
Its for anyone who has something anything to pass down to loved ones.
Youre leaving a certain amount of things to a certain amount of people, and thats that.
It seems to be merely transactional.
But a competent financial advisor will push you to think deeper.
But true legacy planning begins with clarity of goals and intent.
Constantinides encourages clients to start by asking, What do you want your wealth to do after you?
And an inheritance could very well set those issues ablaze.
A thoughtful advisor wont just focus on paperwork theyll also help you navigate family dynamics.
Thats love, not control.
But Constantinides notes that the most formidable threat to legacy wealth is something rarely talked about: taxes.
A skilled advisor will plan for these headwinds in advance.
The right advisor will focus on growing your wealth while minimizing exposure, Constantinides said.
Good legacy planning isnt reactive.
Its engineered, then re-engineered on an annual basis.
Liquidity Matters
According to Constantinides, one of the most overlooked elements in legacy planning is liquidity.
Thats why we start with the human part first and let the technical tools follow.
The sooner you start, the more flexibility you have, and the more peace of mind youll gain.
The earlier you plan, the more options you leave behind.
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