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Legacy Planning a KSLA News 12 Feature

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Legacy planning is a crucial part of a comprehensive financial plan. It ensures that your assets are distributed according to your wishes, provides for your loved ones, and can minimize taxes and legal issues. KSLA News 12 Biskie Duncan Jennifer Kelly Delcomyn

⭐️ Here are some key components and considerations:
1. Understand Your Goals: Identify what you want to achieve with your legacy plan. This includes deciding who should receive your assets, how they should be distributed, and when.
2. Estate Inventory: Make a list of all your assets, including properties, investments, savings, and personal belongings. This will help in evaluating the overall value of your estate.
3. Beneficiaries: Clearly designate beneficiaries for your assets. This can include family members, friends, and charitable organizations.
4. Minimize Taxes: Work with a financial advisor or estate planner to explore ways to minimize estate and inheritance taxes.
5. Legal Documents: Ensure you have the necessary legal documents in place, such as wills, trusts, and power of attorney.

⭐️ Important Estate Planning Documents
1. Will: A legal document that outlines how your assets should be distributed after your death. It can also specify guardianship for minor children.
2. Trusts: Trusts can help manage your assets during your lifetime and after your death. They can be used to avoid probate, reduce estate taxes, and control how and when your beneficiaries receive their inheritance.
3. Power of Attorney: This document designates someone to make financial and legal decisions on your behalf if you become incapacitated.
4. Healthcare Proxy and Living Will: These documents allow you to specify your healthcare wishes and appoint someone to make medical decisions for you if you're unable to do so.
5. Beneficiary Designations: Ensure that your beneficiary designations on retirement accounts, life insurance policies, and other financial accounts are up to date.

⭐️ Revisit Legacy Plan to Make Sure Everything is Up to Date
1. Regular Reviews: Schedule regular reviews of your legacy plan, at least every few years, or after major life events such as marriage, divorce, the birth of a child, or the death of a beneficiary.
2. Update Documents: Make sure all your documents reflect your current wishes and financial situation. Update wills, trusts, and beneficiary designations as needed.
3. Consult Professionals: Work with estate planning professionals to ensure your plan complies with current laws and takes advantage of any new opportunities for tax savings or asset protection.

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Investment advisory services offered through Brookstone Capital Management, LLC (BCM), a registered investment advisor. BCM and Evans Financial Group are independent of each other. Insurance products and services are not offered through BCM but are offered and sold through individually licensed and appointed agents.

Insurance guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company and may be subject to fees, surrender charges and holding periods.

Investing involves risk including the complete loss of principal. Any statements regarding protection or lifetime income refer only to fixed insurance products, never securities or investment products.

Information provided is not intended as tax or legal advice, and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional.

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