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A Legacy That Lives On Long After
You Are Gone

Three Strategies to Disinherit Uncle Sam
and Create Enduring Legacies for Those You Love

Mistakes made in the estate planning process while you are alive can result in devastating results for those you love long after you are gone. Consider the estate of Marilyn Monroe. When she passed away in 1962 she left the lucrative licensing and royalty rights of her image to her acting coach, Lee Strasberg. All these years later, those royalties generate millions of dollars in annual revenue and those millions are going to a woman who Marilyn never met … Lee Strasberg’s widow to whom he left everything when he died in 1982. Then there is the estate of Elvis Presley. He may have been the King of Rock and Roll, but he sure did not have an estate plan worthy of royalty. When he died in 1977, his estate was valued at $10 million. After probate costs, legal fees and estate taxes, a remarkable 73% of the estate’s value had vanished, leaving his heirs with $3 Million.  And then there is the Duke, John Wayne, who although he died of cancer in 1979, his heirs are still fighting in court over his estate. Unfortunately, these problems are not confined just to celebrities. Poor estate planning can greatly diminish a lifetime of wealth accumulation and create family splits that may never heal.

Protect Spendthrift Heirs From Themselves

The first common mistake is to not plan for the problem of spendthrift heirs. It is a just a fact of human nature that we tend to not value that which we did not work for. The reason you are not spending your money foolishly is you know full well the hard work and sacrifice it took you to accumulate it. The reason your children may spend the money very quickly is that for them it will feel like “found money.” One study found that on average in the United States it takes an heir just 17 months to spend 100% of their inheritance. Think about that … 40 years to accumulate it and just 17 months before it is gone.

Disinherit Uncle Sam

The second common estate planning mistake is to ignore the impact of taxes. You know, our founding fathers had a rallying cry of no taxation without representation. Well, with all of the taxes we have at death these days, if they were alive today I suspect the founding fathers would have to amend their motto to “No taxation without respiration.” Estate taxes on larger estates can eat up to as much as nearly 45% of the value of an estate, and income taxes on IRAs and 401ks (which had never been taxed) can clip as much as another 35% in taxes. Cumulatively, that can be as much as 80% of all that you taken a lifetime to accumulate. There are estate and income tax reduction strategies that it is very important that we should talk about and explore together. Uncle Sam should not be your biggest heir.

Create a Values-Based Legacy That Will
Live On Long After You Are Gone

The third common estate planning mistake is to ignore the emotional aspect of estate planning. When you pass away, there will be a hole created in the lives of your loved ones that will never be filled, but you can take steps now to make that grief easier for them to bear. I have written a short workbook, called “An Enduring Legacy.” It is designed to pick up where your legal documents leave off. It is a tool for you to tell the story of your life and the memories and values you hold dear. It helps you to document your feelings for those you love and to communicate those things that you have held closest to your heart. It will be a document that your children will go to time and time again long after your will has been relegated to a filing cabinet. Call my office at (304) 346-7782 or
(800) 361-1792 and I will be happy to send you a complimentary copy. Perhaps we should talk. You took a lifetime to accumulate your legacy. It is important to take the time now to protect it.

Next Steps

Sometimes a fresh set of eyes and an independent voice can help you to determine if you are on the right track or if changes are called for. Perhaps it is time that you asked for a second opinion when it comes to your financial health. Call our office at (304) 346-7782 or (800) 361-1792 and arrange a time to talk with Shawn Moran, either in person or on the phone. You’ll be glad that you did.

Click here for a complimentary copy of Shawn Moran's whitepaper "The Seven Secrets of the SWAN" and a subscription to our newsletter, "The SWAN Monthly."

Our Mission

You have worked a lifetime to accumulate wealth. You have sacrificed. You have saved. You have made good decisions. And yet when it is your time to leave this world, what you have can be profoundly diminished by taxes, spendthrift heirs and poor planning. It doesn’t have to be that way. Take some time to watch the video to the left and to read the article below it. You will find ideas there to tell you create a legacy that is meaningful and enduring for those you love.


SWAN Retirement

Read an excerpt of Shawn Moran's upcoming book, "The SWAN Retirement: A Sleep Well At Night Guide To Secure Your Financial Future," with a foreword by Fran Tarkenton.

Investment Advisory Services offered through Global Financial Private Capital, an SEC Registered Investment Advisor. Insurance products offered through Retirement Planning Group of West Virginia, a licensed insurance agency. Global Financial Private Capital and Retirement Planning Group are not affiliated. This web site presents general concepts that may or may not be appropriate for your circumstances. Illustrations given are hypothetical and results are not guaranteed. Past performance is no guarantee of future results. The statement "Sleep Well At Night" is a goal, not a guarantee. Investing involves risk, including the loss of principal. Neither Global Financial Private Capital or Retirement Planning Group provide legal or tax advice. You should consult with an attorney and an accountant regarding estate planning and tax issues. 

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