During a person’s life, he or she will conduct the process of estate planning which is described as the anticipation and arrangement of the management and disposal of his or her estate while still alive and at death, so as to minimize gift, estate, generation skipping transfer and income tax.
Further defined as the process of using the transition of wealth to make gifts incentivize, legacy planning or estate planning is advisable for people with wealth. Once people have understood the concept of legacy or estate planning, they are usually interested and intrigued with it.
Because of our lack of knowledge, we often ask for the amount of money we should have in order to plan for a legacy.
Legacy or estate planning as a matter of fact is just an attitude towards wealth that we can use to help build character …