So, you’ve established an estate plan. You may think you’re all set – that you have everything settled and prepared and you don’t have to worry about it anymore – but you would be wrong. According to this article by Forbes, a recent study shows that traditional estate planning will result in a 70% chance that your wealth will be lost by the second generation. If this reality concerns you, you should consider turning your estate plan into a legacy plan.
Legacy planning involves working with a team of advisors who will help propel you towards your goal of leaving a legacy behind for multiple generations. Unlike estate plans, legacy planning is more of a proactive process. While having a traditional estate plan is a good start, it should merely be used as the framework through which your legacy can evolve. Your legacy plan should be one that grows and progresses in sync with your life. Read more about the benefits of creating a legacy plan here.
Contact Rhodes Law Firm today to discuss your planning options.