Legacy Wealth Planning FAQs

Legacy Wealth Planning

Legacy planning is crucial to ensure your wealth is distributed in the way that you wish after your demise. Your wealth can be anything that you own under your name. Whether it is small or huge, you would want it to be distributed in a way that you always thought of. 

Legacy wealth planning includes not only the financial assets you own but also non-financial ones that you want your future generations to receive when the time comes.

Before you get to the planning, here are a few frequently asked questions about legacy wealth planning.

Question #1- What is Included in my Legacy?

Your assets or legacy are anything and everything that you own. These can be your financial properties or non-financial values. The financial assets have a monetary value attached to them, like real estate, business interests, investments, insurance policies, personal property, and retirement accounts. Your non-financial assets will include personal effects, family heirlooms, stories, accumulated wisdom, and the life lessons of your family.

Question #2- Why Do I Need Legacy Wealth Planning?

The assets we accumulate over time and the lessons we learn along the way are our legacies. It is important to leave them in responsible hands who will benefit from it in more than just one way. You can preserve this wealth using legacy wealth planning to secure the future of your heirs. It also prevents your assets from going into government intestate procedures.

Question #3- What is the Difference Between Traditional Estate Planning and Legacy Wealth Planning?

Traditional estate planning is only concerned with financial assets and how it can reduce your estate taxes while avoiding probate. On the other hand, legacy wealth planning focuses on preserving both the financial and non-financial assets of a family for the current and future generations.

Question #4- What is a Family Wealth Trust?

Family wealth trust is an essential component of legacy wealth planning. It focuses on everything other than avoiding probate.

About Castle Wealth Group

Contact Castle Wealth Group for all your legacy planning and estate planning needs today. We help you build a perfect strategy for your retirement, including income planning, investment planning, tax planning, health care planning, and legacy planning. Visit our website, call us at 844.885.4200, or email us for expert financial advice.

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