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Bob Carlson: Legacy Planning Vs. Estate Planning, Part One

While avoiding the estate tax seems like a great reason to consider estate planning, it certainly is not the only reason - maybe not even the best reason. In his Investing Daily post today, Bob Carlson took a hard look at estate planning and why one might want to consider it. In total, he summarized four goals that estate planning should seek to accomplish.

Legacy planning, anyone?

1. Financial Security

Estate planning is not just about leaving your possessions to loved ones. At the very top of the estate planning agenda should be a sense of self. How are you providing for your own wellbeing?

While leaving a generous gift to family and friends is extremely commendable, your first priority is you. Once you have provided for yourself, you can worry about leaving your assets to your loved ones.

2. Management and Care of the Estate

Say you are a business owner. More likely than not, especially if you founded the business, you know things that no one else is even aware of. Who will manage the business after you are gone?

Leaving things like business management, or even simple estate management, undefined and un-delegated is a quick way to send the things you have worked hard for into shambles. Whether you have a large estate, a mid-sized estate, or even a small estate, you will need someone to delegate its distribution.

If you own a small business, this individual might be in charge of managing the company during transition.

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