Legacy Planning

Leave the Legacy You Want

Legacy planning is an important element of every financial strategy. It helps ensure that you’ll leave a legacy that provides for your loved ones by properly preserving and distributing your wealth according to your wishes.

It’s important to remember that legacy and estate planning are ongoing processes, and it’s important to review and update your plans regularly as your circumstances change. Hughes Retirement Group has several attorneys that we work with to provide the most comprehensive approach to their financial situation.

There are several things that may or may not be a part of your estate plan, depending on your situation. Some of the best-known documents and approaches that your estate planning attorney may use are:

Will

This is a legal document that outlines how you want your assets to be distributed after you pass away. It also names an executor to manage your affairs and distribute your assets.

Power of Attorney

This legal document gives a specified person that authority to act on your behalf if you are incapacitated or not able to do so for yourself. This can be a Healthcare POA, Financial POA or a general POA that covers most things and is not limited to one particular area.

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Trust

Trusts can be very useful for individuals with significant assets and complex family situations. There are several types of trusts that include, but are not limited to, revocable living trusts, irrevocable trusts, and special needs trusts. Not every estate plan will include a trust; your unique situation would determine if and what kind of trust might benefit your estate plan.

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Choosing Your Beneficiaries

Your investment accounts allow you the opportunity to name a beneficiary or beneficiaries to avoid being part of your estate. It’s important to review and update beneficiary information as circumstances change.

Hughes Retirement Group has a strategic partnership with tax professionals and attorneys who can provide tax and/or legal advice.

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