What Is Legacy Planning?
Legacy planning is a more comprehensive form of estate planning. When you are considering your legacy, the financial aspect is certainly going to come to mind. You must provide for your loved ones, and when you are doing so, you must be concerned about potential estate tax exposure.
The preservation of wealth is a subject that we will cover at a different time. In this post, we will look at some of the more subtle elements of a well-constructed legacy plan.
They say that some things are more valuable than money, and sentimental family heirlooms are among these things. The heirlooms that have been handed down from generation to generation tell a historical tale, and they are irreplaceable.
Legacy planning can involve the careful distribution of family heirlooms. You can evaluate each item and decide on the ideal future caretaker.
We have all heard of the last will, which is an asset transfer vehicle. Your estate plan should also include a living will. This document is used to express your wishes regarding the utilization of life-sustaining measures.
There is a third type of will that can be part of your legacy plan: an ethical will.
This type of will has been used for centuries, but it is not legally binding in any way. With an ethical will you record your moral and spiritual values for the benefit of those that you love.
Your loved ones have probably come to you for advice over the years. You will be gone someday, but your ethical will can be referred to when family members are seeking access to the wisdom that you acquired throughout your life.
You may be in a position to engage in philanthropic efforts. Legacy planning can involve measured, meaningful charitable giving.
There are a number of different ways that you can continue to give back even after you have departed. Some people create family foundations, and perhaps surprisingly, most foundations in the United States are funded with less than $1 million.
This is not your only option. Donor advised funds are very popular, and you could alternately leave direct bequests to any charitable organizations that you would like to support.
Free Report on Legacy Planning
We have scratched the surface here, but we are offering a more comprehensive resource. If you would like to learn more about legacy planning, download our special report that takes an in-depth look at the subject.
This report is being offered to our readers free of charge, and you can obtain access through this link: Legacy Planning Special Report.
Schedule a Legacy Planning Consultation
Legacy planning is a very rewarding endeavor. If you would like to put legacy planning in place, contact us through this website to request a free consultation.