Estate Planning vs Legacy Planning vs Last Mile of Life Planning - What's the Difference?
Updated: Aug 5, 2021
What is Estate Planning?
Estate planning involves the preparation of transfer of one’s wealth and assets to heirs and beneficiaries after one’s death.
What is Legacy Planning?
By definition, legacy means:
(1) money or assets left to someone in will;
(2) something handed down by a predecessor, an ancestor or from the past
Legacy planning involves the preparation of transfer of tangibles such as money and assets, as well as intangibles such as family values or contributions and impact on society, to heirs and beneficiaries after one’s death.
Legacy planning includes estate planning.
What is Last Mile of Life Planning?
Last mile of life planning involves legacy planning (what happens after death) as well as planning for how one wants to live life during retirement all through to before death.
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