You may be wondering, what exactly is legacy planning and how does it differ from estate planning? Estate planning can be defined as the planning process for transferring an individual’s asset base in the event of their death. This could include creating wills or trusts, choosing a power of attorney, or choosing a medical directive. It often focuses on producing wealth tax-free for the next generation.

Legacy planning differs slightly from estate planning. It includes estate planning strategies but focuses more on how the next generation will handle their wealth. To begin the legacy planning process, it is important to start with passing on a covenant or agreement. This will help the next generation to manage their inheritance and add to it.

If you would like to learn more about legacy planning and generational wealth, stay tuned for a new episode of A Wiser Retirement Podcast coming out Monday, July 11th. We will be joined by James Hughes Jr, author of Family Wealth—Keeping It in the Family.

Have more questions? Contact Us

Casey Smith
President, Wiser Wealth Management

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