Your legacy plan can include many different components. Without question, the first order of business will be to provide financial resources for the benefit of the people that you love.
Family history is important as well, and you can share your memories in writing when you are crafting your legacy plan. You can also pass along heirlooms to the appropriate caretakers.
The things that you do for your own family are a huge part of the equation, but if you are in a position to do so, you may want to consider giving something back. Your legacy plan could potentially include acts of charitable giving.
There are various different ways that you can set aside resources for the benefit of causes and institutions that are meaningful to you. Donor advised funds are one possibility.
You may want to contribute to multiple different charities without spending the time developing relationships with numerous different entities. This can be accomplished efficiently if you were to utilize a donor advised fund.
With this type of fund, you can make a single contribution. Subsequently, you can advise the fund with regard to the way that you want your contribution to be distributed among multiple different charitable causes and/or institutions.
If you would like to go in a different direction, you may want to consider the creation of a private charitable foundation. Though foundations are typically associated with names like Gates, Rockefeller, and Ford, it is possible to start a foundation with less than $1 million.
There are also charitable trusts that can be used if you would like to include philanthropic acts when you are crafting your legacy plan.
When you do positive things for others, you will always be remembered for your kindness and generosity. At the same time, you want to maximize the impact your legacy can have on the family members that you will be leaving behind.
Acts of charitable giving can also have positive tax consequences, so you can potentially accomplish dual objectives.
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We have focused on one aspect of legacy planning in this brief blog post, but you can obtain a 360 degree view if you download our special report on the subject. This report has been carefully prepared to provide you with detailed information about legacy planning.
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No Obligation Consultation
If you would prefer to discuss things in person, contact us through this page to set up a free, no obligation consultation: Grand Forks ND Legacy Planning Attorneys.