Even the person with modest wealth should consider leaving a financial legacy. Whether it is to a family heir or a worthy charitable concern, leaving a legacy is within the capability of most people.
We live in an uncertain time and people are finding financial stability later in life than their mothers and fathers. Our children face an even more uncertain future. People carry more debt earlier in their lives and they carry it longer as they find career stability later in life.
Oh, I still hear some people say—“I want to die broke”, “I intend to spend all my money”, “nobody left me anything, why should I…” These and several other rationales are what I hear many days.
But then I hear people tell me that they would like to leave a meaningful inheritance to children or grandchildren. Some say they’d like to leave money to their church or a hospital. Often the question asked is “how can I accomplish this”?
For most folks the answer is to use the leverage of special life insurance packages. If set up properly, they never fail. There is always significant leverage when life insurance is applied properly. A few dollars become many dollars and those inherited dollars pass to the heir tax free.
There are many purposes and many methods to accomplish this planning. If you have a question, consider sending me an email at [email protected] with your question. I will respond without any obligation on your part and I can share what other people are doing in this confusing environment to maximize their legacies.