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Tom Meaglia, ChFC®, AEP®,
CLU®, CRPC®, MSFS
Chartered Financial Consultant
Investment Advisor Representative
Chartered Retirement Planning Counselor
CA Insurance Lic. #0567507
Meaglia Financial Consulting
2105 Foothill Blvd., #B140, La Verne, CA 91750
Toll Free: 800-386-3700
Bus: 909-593-6105
Cell: 818-681-8600
Fax: 909-593-6120
Email: tom@meagliafinancialconsulting.com
Website: www.meagliafinancialconsulting.com
November/December 2023
Passing on Your Legacy
While most affluent families may be familiar with estate planning, they might not communicate much more than hopes about how their heirs will use their financial legacies. But estate planning can help turn those hopes into realized dreams. It is one way to give specific directions about how you would like to see your financial legacy live on.
Cover the Basics First
Before drafting a plan or even a simple statement to guide your decisions, work with an estate planning attorney to make sure you have the legal documents necessary to protect and pass on your assets. Also, consider consulting your financial and tax professionals to make sure you have the assets necessary to continue your legacy.Remember, too, that estate planning is about more than how you'll pass on assets. In addition to a will and estate plan, you'll need a trio of legal documents. First is an advanced directive, which details the extent of life-saving medical care you want should you no longer be able to speak for yourself. The next two are powers of attorney for healthcare and financial affairs. These empower those you name with the legal right to make financial or healthcare decisions for you if you can't.
The Estate Planning Process
- Identify Objectives, Heirs & Father Financial Information
- Strategize with Estate Planning Attorney & Financial Professional
- Review Recommendations & Discuss with Heirs
- Finalize and Implement Plan
- Monitor & Update Plan as Necessary
Once you've completed these first steps and have an accounting of all your assets and how they will be distributed, have a conversation - or multiple conversations, if necessary - with involved parties to develop a written statement outlining how your legacy will continue after you're gone.
While your estate plan may dictate how assets are transferred, you may decide to include your children in determining where and how. Perhaps you’ll create a foundation or use donor-advised funds from which you’ll contribute to a favored charity. Who will continue your charitable endeavors, and how? Do your heirs agree with this strategy?
And, while some people may hesitate to give their children free reign with inherited financial assets fearing they may waste their inheritance, you can put some guardrails in place with a spendthrift trust. This type of trust can delay asset transfer until a later age or parcel assets out gradually, helping to ensure loved ones are responsible with their inherited assets.
To learn more about how you can pass on both your assets and legacy, talk to your estate planning attorney, tax advisor and financial professional.
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Thomas Meaglia is an Investment Adviser Representative of Coppell Advisory Solutions LLC, dba, Fusion Capital Management, a registered investment adviser that only conducts business in jurisdictions where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment adviser is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability. The firm is not engaged in the practice of law or accounting.
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