3 Ways to Get Your Clients Talking About Legacy

By Evan Lange 5 months ago.

We are on the verge of a generational wealth transfer that holds immense implications. Experts forecast anywhere from $30 trillion and above will be passed on to next generations over the next 30 years as the Baby Boomer generation ages.

However, nearly 60% of Americans do not have estate plan documents in place. Regardless of age, many still believe estate planning is a process which comes later on in life. You can encourage your clients to have a future-focused mindset and to start thinking about the legacy they want to leave today. Estate planning is a big step, but you can help your clients move towards a perspective that will impact future generations.

Below are 3 tips you can pass on to your clients to help them start thinking about estate planning.

Communicate your values
The first steps of estate planning are building relationships and teaching your children about the values and causes you hold dear. Inheritance without a relationship is not a legacy. For more tips on starting the conversation with your family, check out our post 5 Generosity Conversation Starters For Your Family.

Where can you alleviate stress?
Consider the areas of stress you would like to relieve for your family when they undergo the changes after your passing. What are the keys they need to have in place? Setting up an estate plan now will take care of your loved ones financially and help eliminate additional emotional stress when you are gone. A thorough estate plan includes wills, trusts, power of attorney, and guardianship for your dependents.

Include charitable giving
Giving can play a strategic role in your estate plan. There are multiple solutions available which allow you to support the charities you love long after you are gone. One such solution is the “child called charity” approach where you can add an additional equal share in your estate plan. For example, if you have 4 children in your estate plan, adding a fifth “child” designated for charity increases the amount you are able to give to charities. Therefore, the estate would be split 5 ways instead of 4.

Creating an estate plan is an excellent opportunity for your clients to impart their beliefs and principles of generosity to future generations. Ease the tension by communicating to your clients that estate planning not only takes care of their loved ones, but also can be used as a vehicle for furthering kingdom minded work through charitable giving.

Evan Lange
Evan Lange Serving as President of the Midwest Region for The Signatry, Evan works with advisors, attorneys, and business owners to minimize taxes and maximize charitable giving.

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