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Legacy Planning

Build a lasting legacy and ensure your assets are passed on. Contact our team for expert legacy planning in Newcastle.

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Comprehensive legacy planning in Newcastle

Whether you are looking to secure your family’s financial future or leave a lasting impact on your community, legacy planning is a powerful tool that can help you achieve your goals.

Legacy planning plays a vital role in ensuring the financial security of future generations by strategically transferring wealth, minimising risks, and maximising benefits. Legacy planning goes beyond estate planning by allowing you to define your values and ensure that your assets are distributed in a way that aligns with your wishes.

Legacy planning is not limited to wealthy individuals or retirees. It is a lifelong practice suitable for anyone who wants to leave a lasting financial legacy and ensure their assets are distributed correctly. From substantial estates to modest assets, legacy planning can provide numerous benefits. Legacy planning is particularly valuable for:

High net worth individuals
Business owners
Families with dependent members
Individuals with charitable intentions

Whether you’re planning ahead or working on a short timeline, we’re here to help.

Get in touch for business and family legacy planning in Newcastle. Contact us today.

At Elliot Watson Financial Planning, we work with our clients to provide expert financial legacy planning in Newcastle. Our Newcastle financial advisers will:

Clarify your goals and values
Compile a comprehensive inventory of your assets
Determine beneficiaries and heirs
Navigate the complexities of estate laws, tax implications, and charitable giving strategies
Implement your legacy plan

Start your legacy planning journey today and secure your business or family’s financial future with Elliot Watson Financial Planning. Contact us today.

We’ll ensure your legacy plan is tailored to your exact requirements

At Elliot Watson Financial Planning, we provide legacy financial planning in Newcastle tailored to your wishes. Here’s how our expert financial advisers can help.

  1. Preserving family wealth

Legacy planning helps you protect and preserve the wealth accumulated over your lifetime. By creating a comprehensive plan, you can minimise conflicts and uncertainties that may arise without clear direction, ensuring a smooth transfer of assets to your beneficiaries.

  1. Reducing tax burden

Estate taxes can significantly diminish the value of your estate passed on to your heirs. Legacy planning allows you to implement tax-saving strategies, such as establishing trusts or gifting assets during your lifetime, to minimise the tax burden on your loved ones.

  1. Supporting charitable causes

Legacy planning allows you to leave a lasting impact on causes and organisations you care about. By incorporating charitable giving into your plan, you can support initiatives that align with your values and positively impact society.

  1. Passing on values and wisdom

Legacy planning goes beyond financial considerations. It allows you to pass on your values, principles, and life lessons to future generations, ensuring that your legacy extends beyond monetary assets.

Secure your assets and protect your beneficiaries

Legacy planning ensures that your assets are distributed according to your values and goals, allowing you to create a meaningful financial legacy. We provide valuable guidance and expertise throughout the process, helping you navigate the complexities of estate laws and develop a comprehensive legacy plan.

Get in touch with our team for personalised family or business legacy planning in Newcastle.

Case Study

At Elliot Watson Financial Planning, we specialise in devising strategies to support families during such critical times, both at the onset of a terminal illness and posthumously.

John and Kathleen had been married for over 25 years and had three grown children. John’s life took a dramatic turn when he was diagnosed with leukemia. After a seven-year battle, the cancer returned in 2015, and he was given a terminal prognosis with an estimated nine months to live. John’s primary concern in his final months was ensuring the financial stability of Kathleen and their children after his passing.

Goals

John’s goals were clear: secure his family’s future, settle his financial matters, and leave a lasting legacy. However, the urgency of the situation posed a significant challenge, as his health could deteriorate rapidly.

Value of Advice

Elliot Watson Financial Planning stepped in to assist. They expedited a claim on John’s life insurance policy under the terminal illness clause. Despite the complexities and tight deadlines in navigating insurance processes, their proactive and hands-on approach ensured a successful claim. They also adjusted John’s superannuation portfolio to enhance liquidity and flexibility, incorporating tax minimisation strategies for Kathleen’s long-term financial benefit.

Tragically, John’s condition worsened before the strategy was fully implemented. Nevertheless, his adviser worked tirelessly, accomplishing in three days what would typically take over a week to complete.

The outcome was twofold: immediate financial relief for imminent expenses and a sustainable, tax-efficient income for Kathleen after John’s death. This provided John with the comfort of knowing his family was taken care of and ensured long-term benefits for their children.

“I don’t know how he did all the things he did, but we got it all through and set up in time, which was a huge relief…”

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Personal Insurance
“I don’t know how he did all the things he did, but we got it all through and set up in time, which was a huge relief…”
A Family Discussing Personal Insurance

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Giving yourself a more affordable insurance policy does not mean missing out on sufficient cover that meets your needs. By obtaining the right advice and applying it to strategically lower the cost of your insurance, the only thing you might…

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