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Craig Lundquist, MBA, ChFC®, CRPC®
VP of Wealth Management
651-773-2757
Kristin Becker
Senior Administrative Assistant
651-773-2821
Ideal Wealth Advisors
Located at Ideal Credit Union
8499 Tamarack Road
Woodbury, MN 55125
CRPC conferred by College for Financial Planning
July/August 2026
Legacy Planning Can Get Sticky
Legacy planning often isn't discussed until it's almost too late. Here are six sticky pitfalls you might face and strategies to steer clear of them.
Lack of communication
Everyone has different expectations. You may assume family members are on the same page, but that's often not the case.Avoiding it: Host family discussions about your plans. Even if it feels awkward, sharing your intentions with your family can clarify expectations and minimize future disputes.
Not having the right documents
Without the right legal documents in place, your wishes might not be honored. Wills, trusts, and powers of attorney are all essential tools in your estate strategy.Avoiding it: Consult with a knowledgeable professional to draft comprehensive documents tailored to your situation. Make sure you revisit them periodically—life events like marriage, divorce, or the birth of a child can all shift what you need.
Ignoring tax implications
Most people don't enjoy discussing taxes, but ignoring them can create problems. Estate taxes can take a hefty bite out of your legacy if you're not prepared.Avoiding it: To ensure more of your assets go to your loved ones instead of the IRS, explore strategies with a tax advisor to minimize your tax burden.
Unclear beneficiary designations
Life insurance policies and retirement accounts often have beneficiary designations that supersede wills. If you haven't updated these designations, they might not reflect your current wishes, leading to unintended consequences.Avoiding it: Regularly review and update your beneficiary designations, especially after major life changes.
Overlooking digital assets
Your online accounts, cryptocurrencies, and digital subscriptions all have value, and without a plan, they can get lost in cyberspace.Avoiding it: Create a list of your online accounts and their associated passwords. Share this with a trusted individual, and consider addressing these assets in your estate documents for clarity.
Failing to seek professional help
Many people think they can handle legacy planning on their own. But the laws surrounding it can be complex. One wrong move may lead to significant issues later. <b>Avoiding it: Don't underestimate the value of professional advisors. Work with yours to build a well-rounded plan that considers all aspects of your legacy.
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Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Ideal Credit Union and Ideal Wealth Advisors are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Ideal Wealth Advisors, and may also be employees of Ideal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of Ideal Credit Union or Ideal Wealth Advisors. Securities and insurance offered through LPL or its affiliates are:
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