167. Getting Started with Legacy Planning

Learn more about how you can prepare for retirement by downloading the complimentary Retire Your Way Toolkit - https://bit.ly/3VbxA9D Register for our next Journey to Retirement Online Workshop to learn more about building your income plan and a comprehensive retirement plan. - https://bit.ly/49NrPn2 In this episode of Retiring Today we discuss important mindset shifts when it comes to legacy planning. You will learn about the legacy planning process and whether a will or a trust is best for your situation. Loren even reviews 3 often overlooked legacy planning documents that can help you optimize your legacy plan. Loren Merkle, CERTIFIED FINANCIAL PLANNER™, RETIREMENT INCOME CERTIFIED PROFESSIONAL®, CERTIFIED FINANCIAL FIDUCIARY® https://merkleretirementplanning.com/staff-members/loren-merkle/ Molly Nelson, Host of Retiring Today https://merkleretirementplanning.com/staff-members/molly-nelson/ Chapter 00:00 What is a Legacy Plan? 02:48 Legacy Planning Isn't Just for the Ultra Wealthy 04:08 A Will Does Not Take Care of Everything 04:50 The Government's Legacy Plan 5:50 The Differences Between a Will and a Trust 11:10 What is an Estate? 12:10 Plan Now for Your Loved Ones 15:15 Three Often Overlooked Legacy Planning Documents 21:20 Get Organized for Your Loved Ones 22:21 Update Your Beneficiaries -- This video does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation of any security or any other product or service by Merkle Retirement Planning LLC, Elite Retirement Planning LLC, MRP Insurance LLC, or any other third party regardless of whether such security, product or service is referenced in this episode. Furthermore, nothing in this episode is intended to provide tax, legal, or investment advice and nothing in this episode should be construed as a recommendation to buy, sell, or hold any investment or security or to engage in any investment strategy or transaction. Merkle Retirement Planning, LLC does not represent that the securities, products, or services discussed in this episode are suitable for any particular investor. You are solely responsible for determining whether any investment, investment strategy, security or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your business advisor, attorney, or tax and accounting advisor regarding your specific business, legal or tax situation.