Creating a Legacy Through Inheritance

Creating a Legacy Through Inheritance

Creating a Legacy Through Inheritance 150 150 SSJuanito

Most of us believe that after retiring, there won’t be too much money left to leave to loved ones, let alone funds for charitable giving.

We believe that you can leave a legacy to family members as well as a financial legacy that can impact your family and community for better future generations.

Creating a legacy through inheritance does require careful thought and planning.

Here are some tips to get you thinking about creating a legacy through a gift of inheritance.

  1. Develop your strategy – take the time and consider all your options. You should discuss this with your partner or someone that you believe has your best interests at heart and who will be completely honest with you.
  2. Make sure that your foundations are in place – use your current careful savings and investments by building a better life for you and your family first.
  3. Provide a financial lift to family – take the time to consider distributing money and wealth at certain ages to children and or grandchildren for specific milestones and ie; such as attending university, getting married, buying their first home or at specific ages.
  4. Research – when seeking which charities to support, consider what is meaningful to you. The best place to start could be among your existing interests. You can narrow your search by thinking about what organisations you have supported in the past and what made you support that charity. Most people select a cause close to their heart.
  5. Decide on how to give – you will need to investigate how to ‘give’. Generally ‘cash’ giving is spontaneous, immediately rewarding and generally the most popular way of individual giving. You can also consider leaving a gift in your will, which ensures the charity of your choice, is gifted appropriately after you have gone. There are a number of ways to do this. There may be taxation and other rules that apply so it is important that you get financial and legal advice.

Remember things can get complicated if you are looking at creating a legacy to a charity after you have gone which includes taxation and other rules, which may apply.

To get you thinking about creating a legacy through charitable giving and your options, talk to us today for a confidential discussion.

This post contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information.

If you decide to purchase or vary a financial product, your financial adviser, Charter Financial Planning Limited and other companies within the AMP Group may receive fees and other benefits. The fees will be a dollar amount and/or a percentage of either the premium you pay or the value of your investment. Please contact us if you want more information.

This post contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information.

If you decide to purchase or vary a financial product, your financial adviser, Charter Financial Planning Limited and other companies within the AMP Group may receive fees and other benefits. The fees will be a dollar amount and/or a percentage of either the premium you pay or the value of your investment. Please contact us if you want more information.