Family Legacy Planning: What You Can & Can’t Control

Legacy planning can feel overwhelming when you consider all the variables that might affect your family’s future, including market ups and downs, tax law changes, family dynamics, and economic uncertainty. The key to family legacy planning is understanding which factors you can control and which you cannot.¹ 

Whether you’re approaching retirement or are already retired, these decisions become even more important when you have less time to recover from mistakes. Let’s consider several legacy planning strategies to focus your efforts and secure your family’s future. 

One of the biggest mistakes in family legacy planning is thinking that only money matters. Of course, money is a key ingredient in a strong legacy plan, but focusing solely on asset transfer ignores other areas of legacy planning.  

While you can’t control whether your beneficiaries make wise financial decisions after you’re gone, you can take actions today that prepare them for their future. These include: 

• Instilling strong principles and values 

• Preparing heirs to be responsible with money 

• Offering stories and wisdom from your decades of life experience 

• Providing structure and guidance to help beneficiaries make smart decisions 

Many people think having a last will and testament covers everything they need for legacy planning. This creates planning gaps that could leave you vulnerable.  

Make sure you have the following information in place to cover your legal bases: 

1. Power of Attorney — Ensures your financial preferences are implemented during incapacitation
2. Health Care Representative — Protects your healthcare wishes when you cannot communicate them
3. Beneficiary designations — Implement direct asset transfers that skip the lengthy court process
4. Trust structures — Provide ongoing guidance and protection for beneficiaries

Generally, courts and legislators control state laws, court processing times, and jurisdiction-based legal requirements. However, with proper planning, you can minimize your family’s exposure to legal variables that can hinder a smooth transition. For example, some assets (like an IRA) don’t pass through your will if you have beneficiaries listed. 

Avoiding probate is one of the best ways to minimize future conflicts for your heirs. Consider these strategies to avoid probate on the following assets: 

Aligning current tax strategies with your long-term legacy objectives can support your family without attempting to predict market conditions or policy changes. Tax-efficient legacy building can include: 

• Roth conversions — Converting traditional IRA assets during lower-income years to create a tax-efficient inheritance 

• Charitable giving coordination — Aligning current-year tax benefits with long-term philanthropic goals 

• Income timing management — Controlling distributions to avoid higher tax brackets for both you and your beneficiaries 

• Trust structuring — Balancing flexibility, security, and tax efficiency 

• Business succession timing — Maximizing value transfer while minimizing tax impact 

The advisor advantage: A skilled financial professional can help you model potential scenarios, focusing on tangible strategies while building resilience against the future unknowns. 

Even if you know what you can control, it’s difficult to act instead of waiting for perfect conditions or certainty. Waiting may not only waste valuable time but can also cause you to lose out on potential opportunities. 

Common barriers to executing on your family legacy plan include: 

• “Perfect timing” thinking — Waiting for market stability or tax law clarity 
• Analysis paralysis — Researching every option instead of implementing good strategies 
• Communication avoidance — Delaying difficult family conversations 
• Maintenance neglect — Failing to update documents and beneficiaries regularly 

To get started, focus on what you can control and take small steps today that build momentum: 

• Set deadlines — Create timelines for completing essential documents. 
• Start with one family conversation — Begin discussing legacy intentions, even if imperfectly. 
• Schedule regular reviews — At a minimum, check in with your advisor annually. 
• Document your thought process —Record why you made certain decisions for future reference. 
• Take incremental steps — Build momentum slowly instead of attempting to craft your plan all at once. 

The families who create lasting legacies don’t wait for perfect conditions. Your family’s future depends on your willingness to take thoughtful action on what’s within your influence.  

Start with flexible structures and guidelines so that when tax laws, family dynamics, or other circumstances change, you can adapt quickly. Working with financial professionals who understand your family’s complete financial picture and personal dynamics — and who are committed to building a strong, ongoing partnership — can help you build a foundation that lasts. 

The time to take control of your legacy is now — not when markets stabilize, not when tax laws become permanently clear, not when every family member is perfectly aligned. Start today with the information you have, the relationships you’ve built, and the professional guidance available to you. 

Future generations will thank you. 

For family legacy planning support, reach out to a team member using the form below.