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Multi-Generational Legacy Planning

December 3, 2020

The Principle:

Do you have a legacy plan? Does your financial plan include an estate plan? How can you protect and provide for future generations?

(Want to jump ahead in the episode? Click the featured times below to skip to a specific section.)

Honest Takes:

When the next generation or two inherits a great amount of wealth without having to work for it themselves it can cause some major problems. What kind of things can you do in estate planning to help prevent issues in the future?

What kind of rules can be put in place? What’s at risk without a proper trust? If you own a business, will this be passed down to the next generation? How can your children learn to save and earn their own way? Or is there someone else more qualified to keep the business running? It’s important to have a succession plan.

Do you have a multi-generational plan? Sometimes it isn’t the children who have a hard time handling the inheritance, but the grandchildren. How can you protect them while also help provide for their future? What is your legacy plan?

Listen to the entire episode or click on the timestamps below to skip to a specific segment.

[0:16] – Are you worried about your future heirs being able to manage their inherited wealth?

[1:50] – What are some of the rules and restrictions you can put on it?

[3:58] – Will the family business be passed down?

[5:50] – What’s your succession plan with your business?

[8:09] – Are you trying to make sure your kids and grandkids are taken care of?

Today’s Truth:

Having a wealth legacy plan is part of a comprehensive financial plan.

Brian Bowen

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Brian Bowen – Contact

Brian Bowen Integrity Financial Planning Roanoke Virginia discusses the deferred payment plan Bobby Bonilla and his agent were able to work out