Plan Today for the Legacy You Want to Leave Tomorrow
Retirement planning is not only about creating income for your lifetime. It is also about deciding what happens to the assets you have worked to build and helping the people you care about prepare for the future.
A comprehensive legacy plan can help you organize your financial priorities, review how assets may transfer to beneficiaries, prepare for potential long-term care expenses, and coordinate your financial strategy with the estate planning documents prepared by your attorney.
Richard Aguirre works with individuals and families to help bring these pieces together as part of a broader retirement strategy.
Whether your goal is to provide for your spouse, leave assets to children or grandchildren, support a charitable cause, or simply make your financial wishes easier for your family to understand, thoughtful planning can help create greater clarity.
THREE LEGACY PLANNING SERVICES
Tax-Efficient Legacy Strategies
Taxes can affect how much of your wealth ultimately reaches the people or organizations you intend to support.
Legacy planning can include reviewing the tax characteristics of different accounts and financial assets and discussing strategies designed to make your overall wealth-transfer plan more efficient.
Depending on your circumstances, this may involve coordinating retirement accounts, life insurance, annuities, taxable assets, and other financial resources with your tax and estate professionals.
Areas to Consider:
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Tax characteristics of retirement assets
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Beneficiary planning
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Life insurance strategies
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Retirement income distributions
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Wealth transfer planning
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Coordination with a CPA or tax professional
Estate Planning Coordination
An estate plan can include important legal documents and financial decisions affecting how your assets are managed and eventually transferred.
Richard can help you review the financial side of your legacy strategy and coordinate those decisions with your estate planning attorney and other professional advisors.
Areas to Consider:
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Beneficiary designations
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Retirement account beneficiaries
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Life insurance beneficiaries
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Asset ownership
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Income needs for a surviving spouse
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Wealth transfer priorities
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Coordination with wills and trusts prepared by an attorney
Long-Term Care Planning
A long-term care event can affect more than your healthcare. It can also significantly affect retirement income, savings, a spouse’s financial security, and the assets you planned to leave to your family.
Planning ahead gives you an opportunity to consider how potential care expenses could fit into your broader retirement and legacy strategy.
Areas to Consider:
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Potential future care expenses
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Long-term care funding strategies
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Protecting retirement income
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Preserving assets for a spouse or beneficiaries
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Life insurance or other financial solutions where appropriate
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Coordination with your overall retirement income plan
Legacy Planning FAQ
Legacy planning is the process of developing a strategy for how your financial assets, insurance, retirement accounts, and other resources should support you during your lifetime and ultimately benefit the people or organizations you care about.
It can include beneficiary planning, estate planning coordination, tax-aware financial strategies, insurance planning, and long-term care consideration
No.
Estate planning commonly involves legal documents such as wills, trusts, powers of attorney, and other legal arrangements.
Legacy planning can be broader. It considers how your financial accounts, retirement strategy, insurance, beneficiaries, and other financial resources coordinate with your estate plan.
Legal documents should be prepared and reviewed by a qualified estate planning attorney.
A will can be an important part of an estate plan, but it does not necessarily address every aspect of your financial legacy.
Retirement accounts, beneficiary designations, insurance policies, long-term care planning, retirement income, and other financial assets may also need to be reviewed.
You can begin legacy planning before retirement.
In many cases, reviewing legacy goals while developing a retirement income strategy can make it easier to coordinate decisions regarding beneficiaries, insurance, long-term care, and asset preservation.
Consider reviewing your plan periodically and whenever there is a significant change in your family, finances, assets, beneficiaries, retirement status, or applicable laws.
A legacy strategy can consider how retirement income, insurance, assets, and beneficiary arrangements could affect a surviving spouse.
The appropriate strategy depends on your individual financial circumstances.
It can.
Potential long-term care expenses can affect retirement income and the assets you hope to preserve for beneficiaries, which makes long-term care planning an important consideration for many retirees
It can.
Legal documents such as wills and trusts should be prepared by a qualified attorney.
Richard focuses on the financial-planning side of the strategy and can help coordinate financial considerations with the work performed by your attorney and tax professionals.
