What Legacy Planning should include:
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Why you should plan your legacy:
Here are some ideas for you to consider and answer in each of those areas: -Personal Goals- Funeral and Burial Plans
- Legal Goals – Estate Planning Avoid Probate
Mixed or Blended Family Concerns Transfer Assets to who you want and when Guardianship for minors or handicapped children
Guardianship for yourself
-Business Goals- Succession Planning
- Financial Goals – Accumulation of Wealth Planning Life Insurance
Employee Benefits and Pension
Annuities
Social Security and Benefits
b. Supplemental Security Income (SSI) - low income and few assets must not be able to do work Death - $$ to surviving spouse or minor children if both parents passed away Long Term Care – you don’t have to be hospitalize first, pays benefits for persons with irreversible dementia (provides institutional “nursing home care” and community-based “home health care” benefits) |