Ep 23: Sorting Out the Importance of Legacy Planning

Welcome to our final episode of 2021. On today’s show we’re talking about the importance of legacy planning and what you need to know to make your plan a success.
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Show Notes For This Episode

On this episode of Saving the American Dream, we’re talking about the importance of legacy planning and what you need to be focused on to make your plan a success.

It’s best to have an estate planning attorney help you with your estate plan, but it’s just as important for your financial advisor to be part of that conversation. At our office, we’d prefer to play as large of a role in that as possible.

Let’s say you own a family business and have picked out your successor for when you retire. It’s one thing to pick someone to succeed you. It’s an entirely different thing to make sure that person can run the business successfully over the long run.

If you’re going to turn over your business to your child, for example, what are you doing to make sure they’re prepared to run it?

Equalization is another conversation that needs to be had with that. If one child is going to run the business and your other children aren’t, what are they going to be receiving in the future? You need to know that answer so Thanksgiving and Christmas are not awkward.

More often than not, the level of communication in these situations isn’t necessarily where it should be.

In today’s episode, we also share:

  • How clients view their legacy
  • What mistakes people make with legacy planning
  • Interesting legacy plans we have seen

Listen to the full podcast or use the timestamps below to jump to a specific section.

Navigating the Show

[1:21] – Inflation

[4:29] – Financial advisors

[6:49] – Generational wealth

[8:56] – Legacy

[11:31] – Mistakes

[13:52] – Interesting plans

[15:22] – Mailbag: Generational wealth

[18:07] – Mailbag: Investing

[19:40] – Mailbag: Saving income

 

I think a lot of people don’t think of legacy planning as financial planning.

– Michael Schulte

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Copyright 2020 Saving The American Dream Podcast. Michael Schulte is an investment advisor representative and certified exit planner with WestPac Wealth Partners, located at 330 South Center Street, Suite 344, Casper, Wyoming 82601. The podcast is for informational purposes only. Individual risks and investment objectives must be reviewed prior to making any recommendations. Podcasts are for informational purposes only. Any guest speakers and their firms are not affiliated with or endorsed by PAS, Guardian, or WestPac Wealth Partners and opinions stated are their own. Guardian, its subsidiaries, agents, and employees do not provide tax, legal or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation. Michael is a Registered and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 5 Centerpointe Dr Suite 150, Lake Oswego, OR 97035, 503-207-4550. Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is a wholly owned subsidiary of Guardian. WestPac Wealth Partners is not an affiliate or subsidiary of PAS or Guardian. 2022-140225 Exp 7/24