September 26, 2023
Legacy planning helps you shape the destiny of your bequests, ensuring your wishes are communicated to your heirs so they can be passed on with your assets.
Wealth is more than your bank account balance, assets, or material possessions.
Your wealth offers you freedom to make a lasting impact, both in the lives of your family and the world at large. But wealth also comes with the duty of stewardship – the responsibility to preserve and pass down a lasting legacy that stands the test of time for future generations.
That’s why a legacy plan for ultra-high-net-worth individuals needs to go beyond merely writing a will or establishing a trust. By thoughtfully leveraging the strategies and tools that encompass comprehensive legacy planning, you shape the destiny of your bequests, ensuring your wishes and values are clearly communicated and understood by your heirs so they can be passed on alongside your assets.
At its most basic level, legacy planning minimizes the tax implications of your bequests, ensuring that your loved ones derive the full benefit of the wealth you’ve worked so hard to accumulate throughout your lifetime. The fruits of your endeavors are perpetuated across generations while providing financial security for your heirs and the means to help them achieve their goals and aspirations.
A well-structured legacy plan also clearly communicates your wishes for distributing your assets and establishes the means for doing so, lessening the burden on your loved ones, reducing the potential for conflict among your heirs, and helping to nurture a sense of familial harmony. A unique benefit of R360’s Membership is one-on-one guidance in optimizing your wealth management strategy and helping you create a blueprint for the legacy you have in mind.
A final benefit of legacy planning is that it allows you to enact measures to ensure your wealth continues supporting the charities and causes you’re passionate about, empowering you to drive change and positively impact the world well beyond your lifetime.
If you’ve prioritized philanthropy throughout your life, it makes sense to prioritize charitable giving in your legacy planning efforts as well. In doing so, however, it is essential to consider precisely how you will structure your giving to have a real impact and create the lasting legacy you envision.
You should utilize a variety of tools and strategies to craft a legacy plan that perfectly aligns with your goals and vision. Some of the most essential components of legacy planning for ultra-high-net-worth include:
Wealth provides an opportunity to create a lasting change well beyond your own lifetime. With careful planning and a combination of the right strategies and tools, you can secure a meaningful legacy that will continue to impact your family, your community, and the causes closest to your heart for generations to come.
Disclosure: R360 is not an investment adviser. Information provided within is for educational purposes only and should not be construed, nor is intended to be, investment advice or a recommendation to invest in any types of securities. R360’s views are subject to change at any point without notice. No investment decision should be made based solely on the content herein and only a financial professional should be engaged for providing investment advice and recommendations. Past performance is not an indication of future returns.