The Setup:

Most people are likely to pass at least some money on to their family, children, or charity through an inheritance. On today’s episode, we’ll explore the role legacy planning plays in your overall retirement plan and some of the most common routes people use when passing money on to their beneficiaries.

The Combination and Key Points: 

On today’s episode of Unlocking Your Financial Future, we are discussing legacy planning and the crucial role it plays in your overall financial plan. The first and most important thing is knowing you are taken care of throughout the longevity of your retirement and that’s our first priority. Depending on what’s most important to our clients, we build a plan that will reflect those values and goals.

Most people are likely to pass on some amount of money to their family, charity, or other beneficiaries. There are three major ways to pass money on.

Through your IRA (pre-tax), your Roth IRA (tax-free), or through brokerage accounts. The simplest way to do this is to make sure that everything is titled properly.

Having a conversation about inheritance with your children and family can be uncomfortable, but it is necessary. Your beneficiaries need to be aware of your plan in order to prepare for any tax ramifications and how that inheritance fits into their overall financial plan.

Join us today as we explore the basics of inheritance, the rules of passing on different retirement accounts, and much more!

If you have any questions, please reach out to us at https://www.baschrock-fg.com/ or give us a call at 330-473-1060

To hear more you can listen to the full episode or use the timestamps below to find a specific segment.

1:02 – Taking care of yourself versus leaving a legacy

3:01 – Is it ever advisable to not leave an inheritance?

4:13 – What’s the best way to pass money on?

6:48 – Having these tough conversations

8:54 – Brokerage and other taxed accounts

11:15 – Some accounts have better tax outcomes

11:53 – Real estate and life insurance options

Key Quote: 

An inheritance is something we never really want to count on from a planning perspective. But it’s something we have to prepare for in the event that our clients do inherit that money.

-Ben Schrock

Thanks for listening to another episode of Unlocking Your Financial Future. We’ll talk to you again next week!

Related Content:

Withstanding Market Volatility with Keith Lockwood – Part 1

Frequently Asked Questions about 401(k)s

Managing Required Minimum Distributions