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What Is The Difference Between Legacy Planning And Estate Planning

Have you thought about what will happen to your wealth and possessions after you pass? Almost everyone considers this at some point in their lives, but not many of them know the right way to go about it. Even if you have nothing to give, how can you start investing in the future? Don’t worry, the professional financial advisors at Maggi Tax are here to teach you about legacy planning and estate planning as two of the most effective ways to secure your assets and how you can get started!

Estate Planning: Distributing Physical Assets

When most people think about assigning their assets to various relatives and friends after death, the first thing that comes to mind is a last will and testament. This is a form of estate planning which covers all of your physical properties and wealth. This includes your home, money, and other personal items that you wish to pass down. This is the most common concept that people imagine in this scenario because it’s fairly simple to carry out. All it takes is the right legal paperwork and everything is taken care of from there.

Don’t Have Enough Wealth To Give Out? It’s Not Too Late To Start Investing!

Everyone wants to be able to have something to give when the time comes, but not everyone plans ahead or has the economic means to make an impact. But with professional financial assistance in estate planning, you can get on the right track and have a collection of funds to distribute!

Legacy Planning: Carrying On Your Ambitions

Estate planning may sound like the only type of plan that you’ll need as it already covers what’s most important, but you shouldn’t completely rule out the idea of legacy planning if you want to make sure that your intentions are carried through. While estate planning does take care of your assets, legacy planning has more to do with your morals and ideals. You can think of it as a way for your spirit to carry on through others by assigning responsibilities, whether it be the task of taking care of family members or being active in charity organizations.

Which One Is Better For Me?

Rather than thinking about whether estate or legacy planning is better for you, it helps to understand that these two concepts often work in tandem with one another. Most people are content with simply distributing property and funds through estate planning which is a great way to make sure that everything you own ends up in the right hands. However, legacy planning has to do with how your funds are used or distributed so that your ideals are carried on. In a way, legacy planning uses estate planning as a foundation. It takes the funds that you have established in your estate plan and uses them to fulfill the intentions stated in your legacy plan.

Start Planning With Maggi Tax!

Hiring an estate planner is essential in making sure that you have assets to pass down when the time comes. For expert financial advice in Florida, call Maggi Tax at (727) 799-1701 to schedule a complimentary consultation! We want to make you feel at ease by helping you invest enough funds to assist the ones you care about in the future.

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