Your wealth may represent years of hard work, important family values, and opportunities for future generations.

At Cardinal Legacy Wealth Advisors, we focus on individual and generational wealth planning. Our goal is to help clients gain the knowledge and tools they need to make informed financial decisions and work toward building a lasting legacy.

The Legacy Planning Checklist offers a practical starting point for reviewing several important areas of your estate plan.

Estate Tax Exemption Review
Consider whether your current estate plan utilizes available federal estate and gift tax exemptions and how potential legislative changes could affect your long-term planning.

Lifetime Gifting Strategy
Review whether lifetime gifting aligns with your wealth-transfer objectives, including annual exclusion gifts and other potential gifting opportunities.

Trust Review
Evaluate whether existing trusts still reflect your family’s goals, current circumstances, and need for flexibility as laws or family needs change.

Estate Liquidity Planning
Consider whether your estate may have enough liquidity to address taxes, expenses, and other obligations, particularly when significant assets include a business, real estate, or other illiquid holdings.

When Should You Review Your Legacy Plan?

A legacy plan may benefit from review when:

• Estate or gift tax laws change

• Your family circumstances change

• You acquire or sell a business or property

• Your wealth-transfer goals evolve

• Existing trusts no longer reflect your wishes

• You are uncertain whether your estate has sufficient liquidity

• You have not reviewed your plan with your financial, tax, and legal professionals recently

If you answered “No” or “Not Sure” to questions in the checklist, it may be worthwhile to schedule a comprehensive estate-planning review with a financial professional.

This material has been provided for general informational purposes only and is not intended to be a substitute for specific individualized tax or legal advice. Neither LPL Financial, nor its registered representatives, offer tax or legal advice. Always consult a qualified tax advisor for information as to how taxes may affect your particular situation.

What is legacy planning?
Legacy planning is the process of considering how your wealth, property, values, and financial wishes may be carried forward. It may involve financial planning, estate planning, gifting strategies, trusts, beneficiary decisions, and coordination with financial, tax, and legal professionals.

What is included in the Legacy Planning Checklist?
The checklist includes questions covering federal estate and gift tax exemptions, potential legislative changes, lifetime gifting, annual exclusion gifts, trust provisions, and liquidity for taxes, expenses, or other estate obligations. 

Who should use this checklist?
The checklist may be useful for individuals and families who want to review how their estate plan supports their wealth-transfer objectives and family goals. It may be particularly relevant for families with trusts, business interests, real estate, or other illiquid assets.

Does the checklist replace an estate-planning attorney?
No. The checklist is provided for educational and general informational purposes. It is not intended to provide individualized tax or legal advice and is not a substitute for working with a qualified tax or legal professional.

How often should an estate plan be reviewed?
There is no single review schedule that applies to every family. A review may be appropriate after meaningful changes to your family, finances, assets, goals, or applicable laws and regulations.

Can a financial advisor help with legacy planning?
A financial advisor can help you review how your broader financial plan aligns with your legacy and wealth-transfer goals. Contact the team today.