What is legacy planning?
Does it mean giving a lot of money to your next generations so that you will be remembered forever? But do they know how to manage the inheritance and ensure that your legacy is preserved and passed on to the many generations to come? Can your core values such as helping people in need (donation to charity organizations) be included in your legacy plan? There are so much more to legacy planning as what you can see above and this is not the complete list yet.
In actual fact, legacy is a more holistic approach to financial planning and estate planning. Legacy planning involves:
a) implementation of a plan to manage your total wealth while you are still alive,
b) wealth accumulation and creation while you are alive as well as after you are not around,
c) proper distribution of your estate (in your chosen manner) after you are not around; and
d) a clear plan to pass on your legacy.
Your assets include all financial assets and non-financial assets. Financial assets are your personal property, real property, insurance proceeds, saving accounts, investment and business interests. Non-financial assets are your family’s core values, heirlooms and community involvement (such as charitable act, setting up an education foundation for future generations, and so on).
At Terkaya Wealth, we help you to examine your financial goals as well as your non-financial goals which emphasizes on the values and legacy which you wish to leave behind. With a customized Terkaya Legacy Plan, your assets can be retained, enhanced and properly distributed to your loved ones and future generations. The emotional impact on your family can also be minimized.
Terkaya Legacy Plan includes financial tools such as Universal Life and 3 Generations Income Strategy.