1. Preparing For Generational Success
LEGACY PLAN
Preparing For Generational Success

2. FAMILY BUDGET What can we do What can’t we do How are we going do it
Who does it affect
What Impact does it have on the household.
FAMILY BUDGET

3. Income Generation
JOB/Career
Investments/Capital Gains
Habit/Recreational Activities
Subsidies/Compensatory Allocation

4. Income – Bills =
Can-DO
(- Poverty)
(+ Wealth Equivalent)

5. Term Policies Universal Policies Whole Life Policies
Insurance Coverage
Term Policies
Universal Policies
Whole Life Policies

6. Tax Bracket Single Tax Bracket Married Tax Bracket 10% $0 to $18,650
Rate
Taxable Income Bracket
Tax Owed
10%
$0 to $9,325
10% of Taxable Income
15%
$9,325 to $37,950
$ plus 15% of the excess over $9,325
25%
$37,950 to $91,900
$5, plus 25% of the excess over $37,950
28%
$91,900 to $191,650
$18, plus 28% of the excess over $91,900
33%
$191,650 to $416,700
$46, plus 33% of the excess over $191,650
35%
$416,700 to $418,400
$120, plus 35% of the excess over $416,700
39.60%
$418,400+
$121, plus 39.6% of the excess over $418,400
Rate
Taxable Income Bracket
Tax Owed
10%
$0 to $18,650
10% of taxable income
15%
$18,650 to $75,900
$1,865 plus 15% of the excess over $18,650
25%
$75,900 to $153,100
$10, plus 25% of the excess over $75,900
28%
$153,100 to $233,350
$29, plus 28% of the excess over $153,100
33%
$233,350 to $416,700
$52, plus 33% of the excess over $233,350
35%
$416,700 to $470,700
$112,728 plus 35% of the excess over $416,700
39.60%
$470,700+
$131,628 plus 39.6% of the excess over $470,700

7. Tax Bracket Head of Household Tax Bracket Standard Deduction 10%
Rate
Taxable Income Bracket
Tax Owed
10%
$0 to $13,350
10% of taxable income
15%
$13,350 to $50,800
$1,335 plus 15% of the excess over $13,350
25%
$50,800 to $131,200
$6, plus 25% of the excess over $50,800
28%
$131,200 to $212,500
$27, plus 28% of the excess over $131,200
33%
$212,500 to $416,700
$49, plus 33% of the excess over $212,500
35%
$416,700 to $444,500
$117, plus 35% of the excess over $416,701
39.60%
$444,550+
$126,950 plus 39.6% of the excess over $444,550
Source: IRS.
Filing Status
Deduction Amount
Single
$6,350
Married Filing Jointly
$12,700
Head of Household
$9,350
Personal Exemption
$4,050
Source: IRS.

8. Taxes

9. Taxes

10. How to Prepare a Last Will & Testament
Write the introduction to the will. Start by clearly labeling the document “Last Will and Testament.” ...
Select an executor. ...
Identify your heirs. ...
Name a guardian for any minor or dependent children. ...
Assess and divide your property. ...
Sign the will. ...
Ask witnesses to sign the will.

11. Scriptures
Proverbs 3:9 - Honour the LORD with thy substance, and with the firstfruits of all thine increase: 1 Corinthians 4:2 - Moreover it is required in stewards, that a man be found faithful. Proverbs 22:7 - The rich ruleth over the poor, and the borrower [is] servant to the lender. Proverbs 27:23 - Be thou diligent to know the state of thy flocks, [and] look well to thy herds. Proverbs 6:6-8 - Go to the ant, thou sluggard; consider her ways, and be wise: Luke 14: For which of you, intending to build a tower, sitteth not down first, and counteth the cost, whether he have [sufficient] to finish [it]? Proverbs 21:20 says, "There is treasure to be desired and oil in the dwelling of the wise; but a foolish man spendeth it up."