Good Financial Reads: Leaving a Financial Legacy (Part Two)

2 min read
May 20, 2022

leaving a financial legacy part two

How Insurance Reinforces Your Financial Legacy

by Scott Monk, Charis Legacy Partners

A conversation about legacy planning isn’t complete without a review of your insurance options.

Finance is all about the allocation of risk and the fair compensation for assuming that risk. This is the foundation upon which every investment portfolio is built, but it applies equally to other aspects of your finances, especially insurance. For folks with legacy goals, accumulating assets is often the financial priority most front of mind, and while that’s certainly part of the equation, without insurance, those assets may be at risk.

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What Is a Beneficiary—and Who’s Listed on Your Investment Accounts?

by Eric Roberge, Beyond Your Hammock

When you opened your first retirement account, you probably didn’t lose sleep over understanding what is a beneficiary, or who you should name when you filled out that account application.

Worrying about beneficiaries can feel almost trivial when you’re a newly-minted adult—unmarried, without dependents, and still on your way to building up significant assets.

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Plan to Leave Highly Appreciated Assets to Your Heirs

by Joe Morgan, Best Financial Life

Today we are talking about legacy gifting.

You may think you are too young to think about this, but I think you’re never too young to begin structuring your investments for the right long-term outcome.

There are a lot of wrinkles in the tax code, and this is a doozy. Are you ready?!

[Watch the Video]


Maximizing Retirement Contributions for Legacy Giving

by Scott Monk, Charis Legacy Partners

If you’ve spent much time on this blog, or are a client of Charis Legacy Partners, you’ve likely heard me talk about laying the foundation for maximizing lifetime giving through increasing the legacy giving return on investment (ROI) of our wealth. In other words, we want to increase our wealth surplus, which we can then funnel to the charitable causes we wish to support. Increasing charitable ROI is about both accumulating assets and minimizing taxes (since every dollar you pay in taxes is one less dollar that you could put towards legacy giving). Due to the time horizon (amount of time your money is invested) and the potential tax advantages of retirement savings accounts, pre-tax retirement contributions are a great option for increasing ROI.

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Your Beneficiaries Matter: Check Who They Are [Video]

by Michelle Smalenberger, Financial Design Studio

It’s time to do a really quick check of your beneficiaries. This is something that is really easily overlooked. I want to review some of the common accounts where you need to set a beneficiary because this is what states who inherits the funds that are in these accounts. 

[Watch the Video]


For more advice on leaving a financial legacy be sure to check out:

Good Financial Reads: Leaving a Financial Legacy (Part One)

Following along with the blogs of financial advisors is a great way to access valuable, educational information about finance — and it doesn’t cost you a thing! Our financial planners love to share their knowledge and help everyone regardless of age or assets.