Legacy Planning: Protecting Your Assets and Your Values
Our Services
Legacy Planning
Estate and legacy planning are crucial for everyone, not just the wealthy. Yet they are often among the least understood parts of the retirement planning process. At Great Bay Financial Group, legacy planning is one of the five pillars of the comprehensive retirement system we coordinate for our clients.
Why a Will Alone May Not Be Enough
Many people think simply having a Will is sufficient, but the fact is, you may need more. A Will is just one piece of the estate planning process. To fully protect your loved ones after you pass, your plan should incorporate all the documents, tasks, and appointments that make the process easier on them when the time comes. Without this step completed, your estate may be subject to the Massachusetts probate process, which can take months or sometimes even years.
Estate Planning vs. Legacy Planning: What's the Difference?
Estate planning is the larger process of establishing who will eventually receive your assets, and how you want your affairs handled if you’re ever unable to handle them on your own. It typically involves important documents like a will or trust, but there’s a common misconception that it’s only about finances.
Legacy planning goes further: deciding how exactly you’d like your assets and your values passed on to your loved ones. That can include imparting certain values to children and grandchildren or establishing a focus on charitable giving, the less tangible things that define what you leave behind.
Coordinated With the Rest of Your Retirement System
Your legacy plan doesn’t stand alone. Beneficiary designations, account titling, and tax-aware transfer strategies all interact with your income, investment, and tax planning, which is why we coordinate them together, alongside your estate planning.
Frequently Asked Questions
Does Massachusetts have its own estate tax?
Yes, Massachusetts levies a state estate tax separate from the federal estate tax, with a significantly lower exemption threshold. Planning ahead can meaningfully affect what your heirs keep.
Do you draft wills and trusts?
No, we are not a law firm. We coordinate the financial side of your legacy plan and work alongside your estate planning attorney as needed so documents, beneficiaries, and accounts all agree.
When should I review my estate and legacy plan?
At minimum after any major life event such as a marriage, loss of a spouse, a residence change to a new state, a new grandchild, or a significant change in assets.
Want to make things easier for the people you love?
Schedule a complimentary conversation. Meet with us virtually or at one of our offices in Falmouth, Duxbury, or Mansfield.