People often approach legacy planning in a chronological life order, focusing on the accumulation of wealth until retirement. When it comes to charitable giving, it’s best to reassess your values and strategies each year. According to Wealth Advisor Elliot Dole, planning for the long term requires a shift in perspective, but it will build the foundation for setting up the ideal legacy and wealth transfer plan. This is becoming especially important for the baby boomer generation, which is expected to donate an estimated 30% of its wealth to charities over the next 20 years.
As every family has a unique set of circumstances, there is not always a one-size-fits-all solution. It’s important for your advisor to understand your hopes, dreams and goals in order to create a plan that passes on more than money; it should also pass on the values you hold most dear.
Pugh Wealth Management would love to help you reach your wealth goals.