Create an Enduring Legacy

When you think about estate planning, you probably focus on the transfer of financial assets and personal belongings to your heirs. While the financial aspect of estate planning is critical, your estate plan should encompass more than money and tangible assets. In fact, some of the most valuable resources you possess – your insights, values and experiences – have no monetary value.

By establishing a comprehensive plan for transferring your tangible and intangible assets – and openly communicating your wishes with your loved ones – you can create an enduring legacy that will impact your family for generations.

Connect with Your Family

Your estate planning decisions will directly impact your family: what assets you leave behind, how you distribute your assets, who you chose to act as an executor, and so on. Above all, your choices will reflect your financial philosophy and core values – the crux of your legacy.

Given the deeply personal nature of these decisions, you may find it difficult to discuss end-of-life considerations with your family members. That being said, engaging in open communication with your family and loved ones is essential to ensuring a smooth transition when you pass. This is your opportunity to help your loved ones prepare for life after you are gone.

Involving your family in the estate planning process can help to prevent a myriad of future complications. By embracing a communicative approach with your family and loved ones, you can:

• Reduce estate and gift tax burdens, and avoid probate;
• Prepare your heirs to handle your bequests responsibly;
• Implement an effective strategy for addressing long-term care and retirement needs

Perhaps the most important channel of communication is between you and your spouse. If you are married, you should actively work with your spouse to reach a consensus about your personal wishes. After all, the decisions you make today could greatly impact your spouse tomorrow – and vice versa.

Leave a Lasting Legacy

Your estate plan also serves as the perfect platform for conveying your personal desires, values and wisdom to your loved ones, empowering them to achieve a lifetime of success.

By meticulously preparing and executing your estate plan, you have the opportunity to bridge past and future generations, strengthen your relationships with your beneficiaries, and preserve your personal legacy for years to come.

Our Ciccarelli Advisory Services family can help you design a plan for preserving your family’s financial future. In addition, we can facilitate open communication between you and your beneficiaries – providing you with the perfect opportunity to discuss your final wishes and enrich your legacy for generations to come.