Leaving a Financial Legacy
Leaving a financial legacy is about more than money—It’s about making sure what matters to you lives on. At Lucent, we're here to make sure your wealth reflects your values.
How We Help People Wanting to Leave a Financial Legacy
Leaving a legacy isn’t just about handing over your money—it’s about making sure the things that matter most to you keep going strong, whether that’s supporting your family, a charity close to your heart, or just making sure your wealth is used wisely.
At Lucent, we’re here to help you design a financial strategy that aligns with your values, minimises the taxman’s cut, and makes sure your wealth has the impact you want.
Why Leaving a LegacyIsn’t Just About Money
Let’s be honest—when it comes to leaving a legacy, it’s not just about the pound signs. It’s about ensuring that your hard-earned wealth continues to do good, whether for your loved ones, a cause you care about, or future generations.
But here’s the kicker: creating a legacy that actually lasts takes some careful forward-thinking. With the right financial advice, your legacy won’t just survive—it’ll thrive, and you’ll have the satisfaction of knowing it reflects what’s most important to you.
Long-Term Planning
Creating a legacy isn’t just about writing a Will. It’s about making sure your wealth is structured in a way that reflects your values, keeps you comfortable in the here and now, and minimises the taxman’s cut when the time comes.
Wealth Preservation
Knowing that you want to leave a legacy might just change how you handle your finances today. You might prioritise long-term savings over the impulse to splurge, all to make sure your legacy is as big as it can be.
Tax Planning
Ah yes, the taxman. A little planning now can help you keep more of your wealth in your family’s hands, rather than handing a chunk of it over to the taxman in inheritance tax.
The Financial Impact of Leaving a Legacy
Leaving a legacy doesn’t just affect what you pass on—it impacts how you manage your wealth today. Here’s why:
- Long-Term Planning: It’s not just about what you’ll leave behind but how you’ll structure it to have the biggest impact. Whether that’s setting up a trust, making charitable donations, or passing on your estate in the most tax-efficient way possible, planning ahead is key.
- Wealth Preservation: Once you know you want to leave a legacy, you might find yourself making different financial decisions. Maybe that means holding off on some luxuries now to ensure your legacy grows bigger for the future.
- Tax Planning: And let’s not forget about taxes. Proper planning can help make sure your heirs—or chosen causes—get the most from what you leave behind, not the taxman.
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How to Create a Legacy That Lasts
Leaving a legacy that reflects your values takes more than good intentions—it takes some smart financial moves. Here’s how to get it right:
1. Set Up a Trust or Will
Without a clear plan, your estate could end up in legal limbo or worse—go somewhere you never intended. Trusts are a great way to protect your wealth and make sure it’s used exactly as you want, while a well-drafted Will keeps everything legally airtight.
2. Consider Gifting Now
Who says you have to wait until you’re gone to start making an impact? Gifting part of your wealth during your lifetime not only lets you see the difference it makes but also reduces the amount that’s subject to inheritance tax.
3. Get Professional Help
Let’s be real—creating a legacy that lasts isn’t a DIY project. A financial planner can help you navigate the complexities of tax, trusts, and charitable giving, ensuring your legacy reflects your values long after you’re gone.
The Temptations of Legacy Planning
Leaving a legacy is a noble goal, but there are a few traps to watch out for along the way:
- Over-Saving at the Cost of Living Now: It’s great to want to leave something meaningful behind, but don’t save so much that you miss out on enjoying life now. There’s no point in denying yourself the good stuff just to maximise your legacy.
- Giving Too Much, Too Soon: Gifting during your lifetime is a great strategy, but don’t get carried away and leave yourself short. Balance is key—you want to make an impact without sacrificing your own financial security.
The Emotional Sideof Leaving a Legacy
Let’s face it—legacy planning can be emotional. After all, it’s about how you’ll be remembered, and that can bring up all sorts of feelings.
Here's what you're probably dealing with:
Concerns How Your Legacy Will be Used
You might worry about whether your wealth will be used the way you intended, or if your family will respect your wishes. And, let’s not forget, dividing up wealth can sometimes lead to tension if everyone isn’t on the same page.
Concerns Around Inheritance Tax
Then there’s the taxman, lurking in the background. Worrying about how much of your estate might be gobbled up by inheritance tax can add stress. But here’s the good news—making sure your estate is tax-efficient can lift a huge weight off your shoulders.
How to Protect Your Legacy from Being Squandered
You’ve worked hard to build your wealth, so let’s make sure it’s protected and used wisely. Here’s how to avoid any hiccups:
1. Talk to Your Family
Want to avoid family drama down the line? Start by having open conversations about your legacy. Be clear about your intentions and make sure everyone’s on the same page. It’s the best way to keep things running smoothly after you’re gone.
2. Set Up Trusts and Legal Structures
This is where the experts come in. A good financial and legal team can help you set up trusts that protect your wealth and control how it’s accessed, making sure your legacy is used exactly as you intended.
3. Give Back
Want to leave your mark on the world? Charitable giving is a great way to ensure your legacy has a lasting impact. Plus, it can be tax-efficient, helping preserve more of your wealth for the causes that matter to you.
Why Lucent’s Financial Planning Matters for Your Legacy
At Lucent, our financial planners will help you create a legacy plan that preserves your wealth, minimises taxes, and ensures your estate is distributed exactly as you want. Whether it’s setting up trusts, making smart gifting decisions, or managing family expectations, we’ve got you covered.
Here’s why clients choose us to protect your financial legacy:
Trust and Estate Planning
We’ll help you put the right legal structures in place to protect your wealth and pass it on in the most tax-efficient way possible.
Gifting and Charitable Giving
Want to support your family or donate to a cause? We’ll show you how to structure your giving to make the biggest impact while keeping the taxman at bay.
Legacy Preservation
Your legacy is about more than just money—it’s about ensuring your wealth supports the people and causes you care about most. We’ll help you create a strategy that ensures your legacy lives on exactly as you envision.
Ready to create a lasting financial legacy?
Contact Lucent today to help you design a financial plan that reflects your values and ensures your wealth has the impact you want.
- Are you considering leaving an inheritance of over £500k to your family or loved ones?
- Do you want professional advice on structuring your estate efficiently?
- Are you seeking ways to minimise inheritance tax for your beneficiaries?
- Would you like help ensuring your legacy reflects your values and wishes?
If you answer yes to the above, get in touch.
FAQs
We’ll help you explore tax-efficient strategies like gifting, trusts, and charitable donations to reduce the inheritance tax burden on your estate.
Absolutely! Gifting during your lifetime can help reduce your estate’s tax burden and lets you see the positive impact of your legacy. We’ll guide you on how to balance that with your own financial needs.
Clear communication is key. We’ll help you manage expectations, set up trusts, and create a plan that ensures your wealth is distributed fairly and in line with your wishes.
Still have questions?
If you've got a question we haven't answered, we'd love to hear from you.