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July/August 2026
Legacy Planning Can Get Sticky
Legacy planning often isn't discussed until it's almost too late. Here are six sticky pitfalls you might face and strategies to steer clear of them.
Lack of communication
Everyone has different expectations. You may assume family members are on the same page, but that's often not the case.Avoiding it: Host family discussions about your plans. Even if it feels awkward, sharing your intentions with your family can clarify expectations and minimize future disputes.
Not having the right documents
Without the right legal documents in place, your wishes might not be honored. Wills, trusts, and powers of attorney are all essential tools in your estate strategy.Avoiding it: Consult with a knowledgeable professional to draft comprehensive documents tailored to your situation. Make sure you revisit them periodically—life events like marriage, divorce, or the birth of a child can all shift what you need.
Ignoring tax implications
Most people don't enjoy discussing taxes, but ignoring them can create problems. Estate taxes can take a hefty bite out of your legacy if you're not prepared.Avoiding it: To ensure more of your assets go to your loved ones instead of the IRS, explore strategies with a tax advisor to minimize your tax burden.
Unclear beneficiary designations
Life insurance policies and retirement accounts often have beneficiary designations that supersede wills. If you haven't updated these designations, they might not reflect your current wishes, leading to unintended consequences.Avoiding it: Regularly review and update your beneficiary designations, especially after major life changes.
Overlooking digital assets
Your online accounts, cryptocurrencies, and digital subscriptions all have value, and without a plan, they can get lost in cyberspace.Avoiding it: Create a list of your online accounts and their associated passwords. Share this with a trusted individual, and consider addressing these assets in your estate documents for clarity.
Failing to seek professional help
Many people think they can handle legacy planning on their own. But the laws surrounding it can be complex. One wrong move may lead to significant issues later. <b>Avoiding it: Don't underestimate the value of professional advisors. Work with yours to build a well-rounded plan that considers all aspects of your legacy.
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Adan H. Diaz and Bryce McLeish offer products and services using the following business names: FRESCO Financial Advisers – insurance and financial services | Ameritas Investment Company, LLC (AIC), Member FINRA/SIPC – securities and investments | Ameritas Advisory Services (AAS) – investment advisory services. AIC and AAS are not affiliated with FRESCO Financial Advisers. The information you provide us is the basis for the recommendations we make to help you meet your unique financial goals and objectives. If you experience a change in your financial situation or investment objectives, or if you wish to modify or add any restrictions concerning the management of your account, please contact us. Products and services are limited to residents of states where the representative is registered. This is not an offer of securities in any jurisdiction, nor is it specifically directed to a resident of any jurisdiction. As with any security, request a prospectus from your representative. Read it carefully before you invest or send money. A representative will contact you to provide requested information. Representatives of AIC and AAS do not provide tax or legal advice. Please consult your tax advisor or attorney regarding your situation.
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