ESTATE PLANNING AND LEGACY GOALS
01.Core Concepts
• A client’s legacy goals must be clearly defined as part of the retirement income and distribution plan. • Funding a legacy • Inheritance from the client’s estate • Life insurance • Additional estate planning • Wills, durable power of attorney, living will • Beneficiary review • Succession planning (small or family-owned business) BUCKET LIST AND OTHER MAJOR GOALS AND EXPENSES • The process of considering any life experience the client may not want to miss out on. • Skiing in the Alps, dog sledding in Alaska, see a foreign country, etc. • Earmarking funds to fulfill the “bucket list” • Mental accounting • Similar to bucket lists, list other major goals. • Contributing to child or grandchild wedding or education fund • Support aging parents • New hobbies (or reengaging in old hobbies)