The Importance of Legacy and Lifestyle Planning

Many people underestimate the importance of legacy and lifestyle planning. But putting off taking action on this—or worse, completely ignoring it—won’t make the problems disappear.

It’s no surprise to anyone that our society is aging.  Baby Boomers, born between 1946 and 1964, are now in their late 50’s to mid-70’s.  This aging of the largest generational group in western history, until Millennials slightly surpassed them, brings some societal issues that, while not unforeseen, were largely ignored.

The first of the Boomers were eligible to retire in 2011.  While the thoughts of a life of leisure in retirement were encouraged during our working years, reality has changed that image.

We are living longer and healthier lives than ever before.  Being able to be active and engaged as a healthy individual is wonderful, but also creates the need for more income to sustain us as we live longer and longer.

But the reality is that at some point our age does catch up with us and we need to be prepared for that eventuality.  Being proactive and having a plan in place can save much anxiety in the future, not only for the person who is aging but also for their loved ones.

Not Just for Boomers!

But this planning is critical, regardless of age. Imagine suffering a life-altering illness or accident without having a plan in place. By putting a Legacy & Lifestyle plan in place, you ensure that your wishes are clearly outlined, sparing your loved ones from the emotional and logistical strain of navigating difficult decisions without your guidance.

“Nothing can be said to be certain, except death and taxes.”

This statement, usually attributed to Ben Franklin, is intended to demonstrate that certain things in life are unavoidable.  Despite the fact that we seem to be hardwired to avoid anything relating to our mortality, it is the wise person who prepares.

So what do you need to do to be prepared?

We receive all kinds of advice and advertisements telling us what we need to do.  Some of that advice is sound – and obvious – like taking care of legal and financial matters.  But planning and preparedness is more than just the fundamentals.  That information is readily available.

Building and implementing your legacy and lifestyle plan is so much more than paperwork alone.  More often than not, the road to having a great plan in place is filled with potholes, detours and obstacles.

What forms do you need to have in place? How do you manage your financial plan?  What about transference of  intergenerational wealth?  What is your tax strategy? Where will you live?  How will your care be managed, especially as you require more and more support?  The answers to these (and many additional) questions evade even many professionals.

Experience is the best teacher.

We have many years experience navigating this process.  Taking action is a very emotional experience.  We understand that and know that each person’s situation is unique!  Family dynamics, current age and health, financial circumstances, etc., all play a role in determining the best plan of action. Nothing can prepare you for all the random obstacles and difficulties that can, and often do, present themselves.

And when these issues do come up, they frequently happen at the worst time, without warning, demanding focused time and energy that can be difficult to fit into already stressful, busy lives.  Having worked through the process with others, we can help with the understanding and navigation of those issues, facilitating the ability to resolve them quickly and efficiently.

The first step

Contact us with your questions, or learn more about our programs.  You can book a 90 minute consultation or purchase and download the program that best suits your needs by visiting our Shop. As your legacy and lifestyle planning experts, you can be assured that all information is held in strictest confidence.

Need more?

Should your situation warrant it, we are available to engage beyond this first step. As a Certified Executor Advisor and certified Personal Fiduciary, Nancy is equipped to assist with managing general affairs, Power of Attorney, and estate administration.

 

View our online brochure to learn more.