A conversation about legacy planning isn’t complete without a review of your insurance options.
Finance is all about the allocation of risk and the fair compensation for assuming that risk. This is the foundation upon which every investment portfolio is built, but it applies equally to other aspects of your finances, especially insurance. For folks with legacy goals, accumulating assets is often the financial priority most front of mind, and while that’s certainly part of the equation, without insurance, those assets may be at risk.
If you’ve spent much time on this blog, or are a client of Charis Legacy Partners, you’ve likely heard me talk about laying the foundation for maximizing lifetime giving through increasing the legacy giving return on investment (ROI) of our wealth. In other words, we want to increase our wealth surplus, which we can then funnel to the charitable causes we wish to support. Increasing charitable ROI is about both accumulating assets andminimizing taxes(since every dollar you pay in taxes is one less dollar that you could put towards legacy giving). Due to the time horizon (amount of time your money is invested) and the potential tax advantages of retirement savings accounts, pre-tax retirement contributions are a great option for increasing ROI.
It’s time to do a really quick check of your beneficiaries. This is something that is really easily overlooked.I want to review some of the common accounts where you need to set a beneficiary because this is what states who inherits the funds that are in these accounts.
Following along with the blogs of financial advisors is a great way to access valuable, educational information about finance — and it doesn’t cost you a thing! Our financial planners love to share their knowledge and help everyone regardless of age or assets.