How to Get Legacy Planning Done

BY | August 18, 2018

Your legacy is the sum total of your wealth, values, and traditions passed on to the next generation. While your legacy may begin at death, effective planning for that legacy needs to begin earlier.

  1. Estimate
    What You Can Do: Understand what makes up your legacy and estimate your expected legacy
    How Silicon Hills Can Help: Analyze your current cash flow, asset allocation, future cash receipts, life insurance, and business holdings to quantify an expected legacy.
  2. Allocate
    What You Can Do: List out the people and organizations that you want to receive a portion of your legacy. Do you want to provide a lump sum legacy or a legacy over time?
    How Silicon Hills Can Help: Incorporate your desired recipients into a plan that allows for a preview of expected asset transfers and timing.
  3. Eliminate
    What You Can Do: Understand the estate and income tax considerations and work toward mitigating those as well as potential administrative expenses to the estate.
    How Silicon Hills Can Help: Utilize our wealth management portal to uncover areas where taxes and expenses can be mitigated and offer alternatives that can be tested out.
  4. Communicate
    What You Can Do: Let your heirs know what the plan is or at the very least provide the means to locate all the necessary people and assets that are a part of your plan.
    How Silicon Hills Can Help: Provide a format where all of your legacy wishes and assumptions can be consolidated and viewed in a simple format with a single point of reference.
  5. Replicate
    What You Can Do: Create and maintain a digital profile of your assets, intentions and legal docs, family history, recipes, guidance, and store them in a single, secure location.
    How Silicon Hills Can Help: Organize and arrange your electronic vault to provide for a place to hold all aspects of your legacy wishes.
Glenda Molina

About the Author

Glenda Molina, CFP®

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