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Robert A. Imparato, Jr CFP®
CERTIFIED FINANCIAL PLANNER™ professional
Craig A. Hyldahl CFP®
CERTIFIED FINANCIAL PLANNER™ professional
R.I.C.H. Planning Group, LLC
105 Fieldcrest Avenue, Suite #507
Edison, NJ 08837
Robert: 732-326-5240
Craig: 732-326-5241
Fax: 732-326-5331
Robert: robert@richplanninggroup.com
Craig: craig@richplanninggroup.com
Website: www.richplanninggroup.com
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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Duly registered and licensed financial professionals offer securities through Equitable Advisors, LLC (NY, NY 212-314-4600), member FINRA,SIPC (Equitable Financial Advisors in MI & TN), offer investment advisory products and services through Equitable Advisors, LLC, an SEC-registered investment advisor, and offer annuity and insurance products through Equitable Network, LLC (Equitable Network Insurance Agency of Utah, LLC in UT; Equitable Network of Puerto Rico, Inc.). Equal Opportunity Employer - M/F/D/V. Equitable Advisors and its associates and affiliates do not provide tax, accounting, or legal advice or services.
R.I.C.H. Planning Group, LLC is not owned or operated by Equitable Advisors or Equitable Network. GE-8877021.1(4/26(Exp.4/30)
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