Legacy planning is an approach to provide for your present, your future and your family’s future.
When many people think of planning for their future and that of their loved ones, they think of protecting their money, assets and property. This usually means by utilizing traditional estate planning tools like wills and trusts. However, this can fall short of the type of protection you and your family really need. Legacy planning aims to provide traditional estate planning tools with additional planning and complex strategy capabilities to help you manage your assets now, while providing for your future and that of your children after you pass.
Legacy planning is an all-encompassing approach, which includes a myriad of tools to create a uniquely tailored plan that is right for you and your loved ones. Here are some of the topics that may be addressed through this approach.
What does legacy planning include?
We say that legacy planning is unique because each person’s plan can be so different from the next, depending on his or her needs. This type of approach does include creating wills and trusts, like a traditional estate plan, but also includes so much more, such as:
- IRA and retirement planning
- Nursing home planning (allowances for long-term care)
- Advanced gifting strategies, charitable giving and irrevocable life insurance trusts
- Plans to minimize estate taxes for your loved ones
- Multigenerational and special needs planning
- LGBT planning
- Other privacy considerations
The additional planning options available through legacy planning really enable you to provide for what you need now and what you and your children will need in the future.
What are the goals of legacy planning?
The goals of legacy planning are aimed at providing financial security, continuing estate management and caretaking (this includes business ownership and succession planning), estate protection, strategies to address possible tax burdens and plans for any other unique circumstances.
It is true that it’s very important to provide instructions for how your assets and other finances should be distributed upon your passing and estate planning tools are a valuable part of your overall plan. Beyond that however, legacy planning takes it a step further, you will be able to manage your wealth during your lifetime, fund long-term care (such as nursing home care) for yourself and your spouse and protect your heirs by safeguarding your assets from creditors. You may even be able to pass some of your values and morals on to your heirs by some of the comprehensive planning strategies available to you.
How can I get started?
It doesn’t matter if you anticipate retiring in 30 years or if it’s right around the corner. It is not too late to plan for your future. Contact The Law Offices of James A. Miller, P.C. at 866-370-3888. We believe in a holistic approach to legacy planning and can work with you to create an individualized plan that is tailored to meet your goals. Set up a consultation with one of our lawyers today to start discussing your needs, answer your questions, discuss your options and create a plan to safeguard the future for you and your loved ones.
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