Legacy Planning should be a part of every family’s financial plan. It is not just for the Kennedys and the Rockefellers. A legacy plan ensures the client’s wishes continue on after death and clearly explains the expectations of the owner of the plan.

Our primary focus at CBU is to help our clients design a legacy plan that acknowledges all resources of the owner’s estate that can be utilized to augment the lives of surviving family members. Such a plan is designed to leave a legacy and positively impact the lives of loved ones.

The legacy planning process takes place over 6 steps.

1. Establish and define the client/advisor relationship

2. Gather all facts about the client’s estate and all wishes of the client

3. Analyze and evaluate the data

4. Develop and present a plan and discuss all possible alternatives

5. Implement the plan

6. Monitor the plan

In simple terms, legacy planning may include/require:

1. Gifting assets to loves ones

2. Purchasing additional life insurance or annuities

3. New trusts, deeds, contracts, wills, powers of attorney (health and financial) and the assistance of an estate planning and elder law attorney.