Any client can fail to achieve their legacy goals, which often results from the risks associated with longevity. As recommended, all clients should have a bequest goal in their retirement planning even if that means they want to leave nothing behind. Bequest goals can come in many forms, including money, real estate, equity shares, or heirlooms. Some of these bequests can appreciate throughout time, generating recurring income. Poor financial planning can lead to clients not being able to fulfill their intended bequest goals. It is not ideal, however, for a bequest to cause disappointment or unjust enrichment, so plan ahead.
See Bruno Caron & Colin Devine, Bequest Goals: More Than Just an Issue for the Wealthy, LifeHealthPro, August 9, 2016.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
