Leave a Legacy Through Succession Planning

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Leave a Legacy Through Succession Planning

What will your legacy be?

Perhaps a legacy is something you’ve never considered before, but for many people, aging inspires questions.

Succession planning involves a transfer of money, assets, or even a business. Though this often happens upon death, that’s not always the case. According to CNBC, men are more likely than women to transfer their wealth to descendants prior to their death, both to receive a tax benefit and also to enjoy watching how their loved ones might put that money to good use.

According to a study from UBS, there is a gender disparity surrounding succession planning. Fewer women than men have been involved with or received an educated as to the process. Many simply don’t know where to begin.

Working with a financial advisor can be invaluable. Not only can an advisor help you to better understand the complexities of succession planning, but they can also help you ensure that the continued growth of your wealth reflects the values that you care about.

The report also points out that on average, women tend to live longer than men. Because of this longevity, women may inherit more wealth. This is a big reason why education and resources about succession planning are particularly important.

Women should feel empowered to discuss their finances with their loved ones, especially considering that women are more likely than men to educate their heirs about money management.

If you desire to leave a legacy of charity and generosity to your loved ones, but aren’t sure how to navigate succession planning, contact Ambassador Advisors today. It’s never too early to start planning for the future.

Any opinions expressed in this forum are not the opinion or view of American Portfolios Financial Services, Inc. (APFS) or American Portfolios Advisors, Inc.(APA) and have not been reviewed by the firm for completeness or accuracy. These opinions are subject to change at any time without notice. Any comments or postings are provided for informational purposes only and do not constitute an offer or a recommendation to buy or sell securities or other financial instruments. Readers should conduct their own review and exercise judgment prior to investing. Investments are not guaranteed, involve risk and may result in a loss of principal. Past performance does not guarantee future results. Investments are not suitable for all types of investors. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purposes of avoiding penalties that may be imposed by law. Each tax payer should seek tax, legal or accounting advice from a tax professional based on his/her individual circumstances.
This material is for informational purposes only. Neither APFS nor its Representatives provide tax, legal or accounting advice. Please consult your own tax, legal or accounting professional before making any decisions. Information has been obtained from sources believed to be reliable and are subject to change without notification. The information presented is provided for informational purposes only and not to be construed as a recommendation or solicitation. Investors must make their own determination as to the appropriateness of an investment or strategy based on their specific investment objectives, financial status and risk tolerance. Past performance is not an indication of future results. Investments involve risk and the possible loss of principal.

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