YOUR LEGACY IS WHAT YOU LEAVE BEHIND
Do you have an estate plan? If so, you have probably already been through the process of listing assets and beneficiaries. Basic estate plans usually only focus on leaving an inheritance to beneficiaries. Do you have a desire to do more with estate plan? You can.
Contact us to craft a legacy which provides beneficiaries responsible long-term financial support and helps your community in away that is unique to you.
With a simple will or living trust, following the payment of taxes and expenses the inheritances are typically handed out a lump sum. In legacy planning you can set up special arrangements, e.g. asset protection trusts, tailored to each beneficiary. Via estate planning, if you have a loved one who may mismanage a lump sum inheritance, have divorce or threats from creditors, then you can ensure the have a steady source of income, and their children are provided for.
Once you have decided the needs of your family, you can choose the amount to leave to each heir and how it will be distributed. One common way to pass on a family financial legacy with a Dynasty or Generation Skipping Trust. Both of these Trusts allow you provide for family members who are not old enough to inherit or may not even been born yet. With a Family Trust, you may be able to help pay education for your great-great-grandchildren. You can make sure future generations the same opportunity you did.
Once you have considered the financial side of your legacy plan, you can find ways to make your arrangements unique. a memoir or family history to be given to your loved ones upon your death. a more personal touch, record a message – audio or video – to each loved with life advice or memories you have shared.
One facet of legacy planning that many people enjoy is the focus on leaving behind the memory of who you are. you leave to your family is not only material objects; you also leave values and morals. What you have taught your children will be passed down their children.
To ensure your memories and values live on for a long time, you can leave behind a written record, or memoir, your current loved ones and future family to enjoy. Writing about your life and lessons you have learned will mean a great deal to the generations that after you.
You can record a message or write a letter for each family member. In these personal message you may include requests of family members or simply espouse some of the lessons you learned in life. Personal memoirs are also a popular option for those who wish pass on what they have learned to their immediate family and future generation What if you have an interest in genealogy? You can turn that family into a written family history.
Legacy planning also focuses on your place in your community. If there is a cause that is close to your during your lifetime, why not leave a legacy for that charity? Providing with a charitable trust can help you to share your legacy with your community.
Methods for avoiding probate
When you leave behind a charitable legacy, you can improve the lives of those in your community after you passed away. Such a Trust will help others after your death and provide family with a break from some or all estate taxes on the portion given to the charity.