At Chamberlin, we take a holistic approach to financial and retirement planning. There are ways Legacy Planning fitting into that picture makes sense, but we wanted to take an opportunity to explain our philosophy on why these two topics fit together.
We see all of these individual pieces as part of a larger picture — and a picture that only makes sense if you look at all the pieces together, and how they interact with each other. When you take Social Security can affect your Medicare options, and how you pay for Medicare can have tax implications. All of these things are connected.
The big question here is this: When you're not here anymore, are your assets going to go to the people you want, the way you want, at the time you want? That's the whole essence of legacy planning. Obviously, we use a qualified attorney to do this for each family with which we work. But it's really very important for you to ask these questions and get good answers. They are some of the hardest questions, because they deal with a time when you're not going to be here. A lot of us don't want to think about that. But we like to think of your legacy plan as the story you want to leave behind about your achievements, goals and priorities.
You built this legacy to leave behind, so let’s work together to make sure your loved ones are taken care of, you can help support causes and charities you care about, and ensure that the story of your life gets told the way you want it to for future generations.
Your choices in Social Security, tax planning, and the other segments of the wheel all affect what will be left over and how those assets can be accessed by your heirs and beneficiaries. When you consider it in the context of our “Wells of Wealth” system, the “water,” (your money) flows through and into the wells at different rates and times depending on your circumstances and needs at a given time. Your “Legacy Well” has some assets you might decide to particularly set aside for after you’re gone, but it will largely collect whatever is left in the other wells whenever you (and your spouse) have both passed.
We’re excited to roll out more resources about this process in the coming weeks and months, so stick with us! Some short reads now can have a long-term impact on your confidence and peace of mind.
Ready to start looking at your legacy plan, and how it fits into a holistic plan for your retirement years? We’re here to help. Set up a free, no-obligation, 20-minute strategy session with one of our trained and certified Retirement Educators today, and they’ll answer any questions you have and help you take stock of your wants, worries, needs and goals. You’ll even get a free copy of our new book, “The Wells of Wealth System,” which describes our holistic approach to planning in a more in-depth and entertaining way. Schedule a call with Chamberlin Legacy and start building your holistic plan.