Financial Legacy
Dealing with your own mortality can be difficult and overwhelming. So much so, that often times you may choose not to think about it at all. You may put off, or ignore altogether, your responsibilities to your loved ones because you are either beleaguered by the subject or you simply do not know where to start. In so doing, you run the risk of diluting your legacy and failing to preserve many of the things that you have worked so hard to achieve.
Financially speaking, most of your focus is probably on the here and now. You concentrate on paying your bills, earning enough money to support your family, and setting aside some money for retirement. A big part of your overall financial responsibility, however, is to ensure that you do not leave unanswered questions and undesired consequences for your family and friends. Your focus on the present will mean a lot less if you do not complete the picture by planning for the future.
This is a huge topic that requires a lot of consideration across a variety of matters, most of which are complex enough to warrant the attention of an attorney, a CPA, and/or a financial advisor. Developing a will and a detailed estate plan involves multiple steps and careful thought and these actions are absolutely necessary if you want to ensure that your intentions are clear and your wishes are protected.
For our purposes, we are going to concentrate solely on the financial aspect of this planning and some simple guidelines that will assist you in making some decisions that are key components in securing and strengthening your financial legacy.
To read on, please visit: Define Your Financial Legacy.
Scott Arney
Chief Executive Officer
Chicago Patrolmen’s Federal Credit Union
Don’t forget, members of the Credit Union enjoy free and confidential Credit Counseling and Financial Planning through our Financial Planning and Education Center. We are here to assist you every step of the way.
