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Podcast Ep. #2: The Art and Science of Legacy Planning

August 22, 2023

Welcome to the Live Greater View, a financial planning podcast produced by VLP Financial Advisors that discusses life, money, and perspective. We help clients live their best life at every stage through our VLP live greater partnership process. Thank you for tuning in.

In this episode, "The Art and Science of Legacy Planning," we dive deep into the crucial aspects of planning for your financial legacy. Dan Lash, partner at VLP Financial Advisors, joins the conversation as we explore the intersection of financial planning and the emotional elements of legacy planning.

Key Discussion Points:

- Earnings Season and Market Trends: We kick off with a quick overview of recent market trends and earnings season updates, providing insights into how companies are performing against expectations.

- Defining Legacy Planning: Delving into the heart of the episode's topic, we discuss the distinction between estate planning and legacy planning. We explore the emotional side of legacy planning, addressing the desire to leave an impact on future generations beyond just financial transfers.

- Planning for Future Generations: We examine the importance of carefully considering when, how, and to whom you wish to pass on your wealth. Topics include determining the appropriate age for beneficiaries to receive assets, safeguarding against potential financial risks, and structuring trusts to achieve your legacy goals.

- Charitable Giving and Tax Benefits: Discover how charitable giving can be integrated into legacy planning to create a positive impact on causes you care about while also potentially reducing tax liabilities. We discuss strategies such as qualified charitable distributions and donor-advised funds.

- Estate Documents and Organization: We emphasize the significance of having comprehensive estate documents in place, including wills, powers of attorney, and medical directives. We stress the importance of reviewing and updating beneficiaries to ensure they align with your intentions.

- Estate Register and Practical Considerations: Learn about the value of an estate register—a document that compiles all vital information, account details, and contacts in one place. We cover topics like safe deposit boxes, online account management, and fostering open communication among family members and professionals.

Legacy planning goes beyond the financial aspect and taps into the emotional desire to leave a lasting impact on loved ones and causes that matter. In this episode, we provide valuable insights, expert perspectives, and practical tips for creating a well-rounded legacy plan that encompasses both your financial goals and your values. Whether you're just beginning to think about legacy planning or seeking to enhance your existing strategy, this episode offers actionable advice and real-world examples to guide you on your journey.