In Conquest Financial Planning, Legacy Goals can be created and monitored to ensure clients' wealth transfer objectives are effectively planned and tracked over time.
What is a Legacy Goal?
A Legacy Goal in financial planning refers to the objective of leaving behind a specific amount of wealth or assets to beneficiaries, charities, or other recipients after a client’s passing. It is a component of estate and financial planning that focuses on ensuring that a client’s wealth is transferred according to their wishes while potentially minimizing taxes or other costs associated with inheritance.
Navigating to the Legacy Goal
The Legacy Goal card can be accessed from the Client Data Overview Page.
Adding the Goal
Please view the video below on a step-by-step guide on how to add the Legacy Goal as well as how to view key charts and graphs related to the Legacy Goal.
Features and Functionality
A. Estimated Net Estate Value
By default, Conquest will use the engine's estimated net estate value based on the current cash flow projections.
You can confirm that the estimated net estate value is being utilized when the "Specify Target Amount" toggle is set to "No", as illustrated by the screenshot below.
B. Target Legacy Amount
You can set a target legacy amount by entering a specific cash value.
To do this, switch the "Specify Target Amount" toggle to the "Yes" option.
- When a plan includes specified amounts for "net to heirs" and "net to charity," these values are combined and reflected in the "total estate amount" field.
- Only one legacy goal can be entered per plan. As such, the amounts for both "net to heirs" and "net to charity" should represent the combined total for both the client and the co-client, expressed in future value terms.
- For plans belonging to couples, the legacy is assumed to take effect upon the death of the surviving client.
- Planning for this goal is managed through the Planning and What-if pages, where future scenarios can be modeled and adjustments made.