When you plan your estate, you make sure that your remaining assets are transferred to your loved ones after you pass away. An effective estate plan would also account for the possibility of incapacity late in your life.
Everyone should have a basic estate plan in place at minimum, but some people want to take things a step further. They engage in legacy planning, and this can be quite fruitful on a number of different levels.
There are various different things to take into consideration when you are crafting your legacy. Let’s look at some of the steps that you could take when you are engaged in your legacy planning efforts.
Your legacy is comprised of more than money. You probably have heirlooms in your possession that have been passed down from generation to generation. These items could have monetary value, but they certainly have a great deal of sentimental and historical value.
You could carefully evaluate these priceless treasures and make sure that you leave each item to the best possible caretaker.
You could be remembered for your generosity if you take the right steps. Your legacy plan could include acts of charitable giving.
Some people make direct contributions to charitable causes, and this is one option. You could alternately establish a charitable family foundation, and you don’t have to be a billionaire to do so. Most of the private foundations in the country are funded with less than $1 million.
Leaving money to people is great, but the gift of opportunity is even better. If you have family members who have not yet reached their full potential, you could make educational opportunities available as part of your legacy plan.
When you give the gift of learning, your younger family members can reach for the stars.
You have undoubtedly heard of the estate planning document called a last will. There is another type of will that has been used for centuries called an ethical will.
With this type of will, you leave behind moral and spiritual values, so this document can act as a guidepost for the loved ones that you will be leaving behind.
Legacy Planning Report
We have provided a a few things to think about in this blog post. If you would like to obtain more detailed information about legacy planning, download our special report.
The report is being offered on a complimentary basis, and you can access your copy through this page: Free Report on Legacy Planning.
To Schedule a Free Consultation
If you are interested in the possibility of working with our firm after learning these facts, please select our “Workshops” tab to RSVP for a free estate planning workshop. At that workshop you will be offered a free one-hour consultation with an attorney: www.collinslawgroup.com/seminars/
- Are There Expenses Involved in Administering a Trust? - December 1, 2022
- Is a Will or a Trust Better for Distributing Estate Assets? - November 30, 2022
- How Is Estate Planning Different If You Have Minor Children? - November 28, 2022