5 Ways to Build a Lasting Legacy Plan

Goldstone Financial Group | Anthony Pellegrino

Goldstone Financial Group believes that planning for your financial future is essential. In truth, retiring well requires implementing a set of plans that will last. Making these arrangements can feel cumbersome and bring up awkward family conversations, but it doesn’t have to be that way. Goldstone Financial Group’s owner and principal Anthony Pellegrino built his career on helping clients achieve financial success and make lasting plans that put families at ease. His commitment to legacy plans has ensured that his clients can enter their golden years with a champagne toast.

Why is a legacy plan so important? Studies show that traditional estate plans are 70% likely to be lost by the second generation and 90% by the third. At Goldstone Financial Group, many clients initially have panicked reactions to this information, but there’s no need to start hoarding cash in your mattress. What you’ve done in an estate plan can be easily incorporated into a legacy plan that will last for generations.

According to Goldstone Financial Group, here are the top 5 ways to build a legacy plan.

1. Get the right team

The right professional advisors can ensure your legacy plan will last for many years to come. It is imperative to find an advisor that specializes in legacy plans. Aside from that person, your legacy team will typically consist of an accountant, a wealth advisor, and an attorney.

Appoint an executor to distribute your assets, file taxes, and process creditor claims. Make sure your executor is someone you trust, like a family member, friend, or one of your hired professionals like a lawyer or accountant.

Additional members of your team can include a coach to help with family dynamics and leadership, an insurance agent to help manage your risk, and a health or wellness advisor such as a counselor. Ultimately, the people on your team will depend on the specific needs of your family.

2. Decide what happens to material items

In planning a legacy, many people who own art, jewelry, or other antiques don’t consider what will happen to them. Where these items will go is just as important as where your money goes. Will they be donated, sold, or given to a specific person? Get the items appraised now to reduce the amount of work it will take to distribute them.

3. Know the corporate rules

Often, legacy plans involve limited partnerships or corporations. Make sure you are following the rules for maintaining records and accounting so that when the time comes, they will be considered valid by the probate court or the IRS. Having a regular meeting with your family to review the operations of your business is always a good idea. In that meeting, include a review of your legacy plan to avoid any conflict in the future.

4. Review your plan at significant times

Every three to five years, there will likely be a change to estate law that impacts your legacy plan. Reviewing it at least once a year keeps you up to date on current regulations and what is taxable. Major life events like birth, death, marriage, and financial changes also warrant reviewing it. Keeping everything up to date saves your family a headache in the future.

5. Update your will and trust

Don’t believe you are wealthy enough to have a trust? Think again. If you own property, have young children, or run a business, establish a trust. Doing so can reduce taxes and give more money to your heirs without probate, creditors, and lawsuits.

If thinking about life after your death doesn’t sound particularly enticing, you’re not alone. What is worth looking forward to is enjoying your retirement knowing that your hard work will pay off for your family in the years to come. Call Goldstone Financial Group to get started on your legacy plan today.

Investment Advisory Services offered through Goldstone Financial Group, LLC (GFG), an SEC Registered Investment Advisor, 18W140 Butterfield Rd., 14th Floor, Oakbrook Terrace, IL 60181. Tel. 630-620-9300.