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Level Up Your Legacy:
Financial Security for the Next Generation

APEF: Solving the Financial Illiteracy Crisis

As you go through life, it’s important to understand not only how to build wealth but also how to protect it for future generations. Today, we’ll explore things like life insurance, trusts, and estate planning- likely some of the last things on your mind right now. They may not feel relevant to you, but these components work together to protect assets, ensure proper management, and provide security after you’re gone. Let's dive into wealth management and estate planning so once you get that bag, you’ll know how to secure your financial legacy!

Life Insurance & Ensuring Financial Security
Life insurance provides financial security for your loved ones in case something happens to you, such as an unexpected death. A lump sum payment called a death benefit is distributed among beneficiaries named on the policy, providing them with peace of mind after you pass. When the death benefit is paid out it helps cover the loss of your income and your family can continue living comfortably by covering expenses such as mortgage payments, utility bills, and education costs - even paying off debts such as car loans and credit card bills! They may even help cover estate taxes.

Preserving Wealth & Avoiding Legal Hassles with Trusts
Trusts are legal arrangements that enable you to transfer assets directly to specific beneficiaries (people you choose) while also leaving instructions for their management and distribution (when and how they receive those assets). Trusts play an important part in wealth management for several reasons- they provide protection from creditors and legal judgments, helping make sure that your wealth stays intact for its intended beneficiaries. With trusts, you can set criteria or rules for asset distribution, such as age or a milestone achievement (like receiving a postsecondary degree or certificate) to ensure responsible management of wealth over time. For example, you could stipulate that your children are able to access trust funds at age 30, but not before then.

Connecting Life Insurance & Trusts with Estate Planning
Estate planning involves organizing your assets so they are properly administered after you pass. Financial planning entails aligning life insurance policies, trusts, wills, and other legal documents with your goals to create long-term security for yourself and your beneficiaries. Sound complicated? Don’t worry, there are professionals who can help with the process. Estate planners specialize in organizing life insurance and trusts to maximize benefits while limiting tax liabilities for your beneficiaries (a fancy way of saying that they’ll get more money and pay fewer taxes). Estate planning allows you to transfer wealth, donate to charitable causes, and protect family businesses or assets. It gives you peace of mind that your wishes will be carried out, providing for loved ones according to your intentions.

Life insurance, trusts, and estate planning are essential elements of wealth management. Understanding and using each allows you to protect your financial security, build and preserve wealth, and easily transfer your assets to heirs. While you may not need these tools at the beginning of your financial journey, it’s important to keep them in mind and seek guidance from professionals in the future who can help you create a plan that fits with your goals and values. In the meantime, talk with the adults in your life about their estate plans- you can learn from their experience (or you may be able to share information to help them to create an estate strategy!). With careful planning, you can secure a prosperous future for both yourself and those close to you!

Soft skills refer to a set of personal attributes, behaviors, and social attitudes that enable individuals to interact effectively with others in a workplace or social environment. These skills are essential for building healthy relationships, communicating effectively, solving problems, and collaborating with others.

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