Spot on article. The true benefit of financial planning is not only to envision the endgame but, more importantly, to link the accumulation stage and the withdrawal stage into one unified plan. And once that is done, learn to feel good, and not guilty about spending everything else!
Great summary. I find myself in very similar shoes. With respect to your last point on charitable giving, I've found that using a donor-advised fund (DAF) is a convenient tool. Along with effective and efficient current giving, it serves a dual purpose of legacy planning. With a DAF, you can name a successor(s) for your account who will take over the responsibility (after you are gone) of granting funds to specific
charities. In effect, you will have earmarked a piece of your heirs’ “inheritance” to be used exclusively for charitable purposes.
Comments
Spot on article. The true benefit of financial planning is not only to envision the endgame but, more importantly, to link the accumulation stage and the withdrawal stage into one unified plan. And once that is done, learn to feel good, and not guilty about spending everything else!
Post: Be Like the Smiths
Link to comment from April 16, 2023
Great summary. I find myself in very similar shoes. With respect to your last point on charitable giving, I've found that using a donor-advised fund (DAF) is a convenient tool. Along with effective and efficient current giving, it serves a dual purpose of legacy planning. With a DAF, you can name a successor(s) for your account who will take over the responsibility (after you are gone) of granting funds to specific charities. In effect, you will have earmarked a piece of your heirs’ “inheritance” to be used exclusively for charitable purposes.
Post: Wishing My Life Away
Link to comment from April 8, 2023