Legacy
For many, the thought of living well includes leaving behind a legacy of financial security. If this is important to you, you’ll also want to explore how to establish a sound estate plan.
Wouldn't you like to know that if something happened to you, your family would be taken care of? That they wouldn't have to worry about making ends meet ... or be forced to sell off assets to pay estate taxes ... or sacrifice their own long term goals to meet short term expenses? That's the kind of peace of mind you gain - and pass on - by integrating legacy planning into your retirement strategy.
How should you start planning for your legacy?
One of the best ways to begin the legacy planning process is to inventory all your assets. Make a list of everything you own, including:
- real estate/other types of property;
- business interests;
- employer-sponsored retirement plans;
- bank accounts;
- brokerage and mutual fund accounts;
- Traditional, Roth and Rollover IRA accounts; and
- Insurance policies and annuities.
Next to each asset, write down account numbers and other pertinent data. Locate any legal papers, like deeds and contracts. Then, place all this information in safekeeping for your heirs, possibly in a safety deposit box.
The information contained in this communication is not written or intended as tax or legal advice. Neither MassMutual nor any of its employees or representatives is authorized to give tax or legal advice. The information provided herein may not be relied on for purposes of avoiding any federal tax penalties. Individuals are encouraged to seek tax or legal advice from an independent professional advisor.