Can My Family Benefit from Family Legacy Planning?

Yes.

A few questions for you to consider:

1. Do you own a house and/or land?
2. Do you have minor children?
3. Do you have a life insurance policy?
4. Do you have any type of retirement or investment account? For example, 401(k), IRA, 529 plan.

If the answer is yes to any one of these questions, then you and your loved ones can benefit from a family legacy plan.  If you have minor children and a house, then you absolutely need a Family Legacy Plan to help ensure your assets are preserved for your children and loved ones in the most efficient way possible. 

A Family Legacy Plan gives you the piece of mind of knowing who will take care of your children if something were to happen to you, that there are plenty of resources to care for your children, and the plan allows you to determine who supervises your estate's assets for the benefit of your children and loved ones.

A Family Legacy Plan provides you the opportunity to not only plan for our children, but it gives you the ability to designate assets for the benefit of future generations.  With a detailed Family Legacy Plan, you could start building wealth for grandchildren and beyond, and this wealth can be protected from creditors, divorce, and even your loved ones not-so-wise decisions. 

If you are interested in learning what else a Family Legacy Plan can do for you, then contact Bobby Sawyer at (704) 266.0727 or rsawyer@sawyer-law.com. 

6 Check-Ups to Get Your Finances In Order

I don't like looking at my finances primarily because I am instantly reminded of how far I am from my goals.  With 3 kids (which includes twins), my plan for college tuition right now consists primarily of Powerball tickets.  I'm kidding.

Regardless of the size of your 401(k), IRA or college savings, plan, it's important to give your portfolio a regular check-up to make sure the plan reflects your current life and goals.  Here are 6 steps that will get you headed in the right direction.

1. Check the balances and allocations in your various investment accounts.  Call your financial adviser and tell him you'd like to review the allocations in your investment accounts. Depending on where you are in your life, the state of the market and several other factors, your investments could use some readjustment.  For example, if a stock has split, it may now occupy a larger than ideal portion of your investment.  If you play your cards right, you might even be able to get your adviser to pick up the bill for lunch!
2. Review insurance coverage.  Make sure your life and disability insurance coverage reflect reality.  If you've received a raise, had another child, bought a new house, then you need to make sure your insurance reflects these changes.
3. Review and update beneficiaries.  This is an important one, especially if you have minor children.  If you don't have a revocable living trust and something were to happen to you while your children were still under 18, then the children would receive the life insurance proceeds and retirement accounts outright.  You may have the most responsible kids on the planet, but an 18-year old with hundreds of thousands of dollars (or more) is simply not a good idea.
4. Assess and review your estate plan.  "But I don't have an estate plan!"  Yes, you do.  The state has one for you, and it's time-consuming, a burden for your family, and usually expensive.  If you have a will or, even better, a Family Legacy Plan, then it's a good idea to review it to make sure the plan still reflects your current wishes and goals.
5. Guardians for minor children.  If you have a plan in place, make sure it is still consistent with your wishes.  If you don't have a plan, make one.
6. Review your advanced health care directive.  Make sure you have a healthcare power of attorney and living will.

If you have questions on how to get any of these accomplished, or you would like more information on how a Family Legacy Plan can take care of most of this list, feel free to contact Bobby Sawyer at (704) 266.0727 or rsawyer@sawyer-law.com.

What is Family Legacy Planning?

It is a comprehensive approach to ensuring that your loved ones are taken care of, that your assets are protected, and it is a way to create wealth and a legacy that can last generations.

Creating a Family Legacy Plan is much more than just answering a few questions on a form.  It involves careful and detailed assessment of what you have, what is best for your children and loved ones, and how you want your legacy to last well after you pass on.  This cannot be accomplished with a website and a simple will.  It takes counseling, planning, and periodic review to make sure your plan design remains consistent with changes in your life, the law and taxes.

A Family Legacy Plan provides peace of mind.  Sure, a will is part of it, but a Family Legacy Plan includes a Comprehensive Child Guardianship Plan, detailed instructions on how you want your children raised, how you want your assets used, and it works if you become incapacitated - something a simple will cannot do.  A Family Legacy Plan can start working if you are alive, but unable to make decisions for yourself.

If you are interested in learning what else a Family Legacy Plan can do for you, then contact Bobby Sawyer at (704) 266.0727 or rsawyer@sawyer-law.com.