Your legacy is defined by the impact that you have after you pass away. Clearly, legacy planning is going to involve the facilitation of future asset transfers. This can be particularly challenging if you are exposed to the estate tax on the federal level and/or the state-level.
When you plan your legacy you do everything possible to preserve wealth for the benefit of succeeding generations.
The financial part of the equation is certainly very important. However, an effective legacy plan will go a step further. Let’s look at some of the components.
Family Heirlooms
When you are engaged in legacy planning, you should consider the ideal caretakers for family heirlooms that you have in your possession. These items are more valuable than money, even if they have considerable monetary value. They carry memories, and they carry history. You are keeping the family legacy alive when you carefully distribute family heirlooms among your loved ones.
Charitable Giving
You may be in a position to give something back to charitable causes. There are various different ways that you can leave behind a legacy of charitable giving. Some people create charitable foundations, but there are other options.
Donor advised funds are quite popular, and there are charitable trusts that can be created as well. You could also give direct donations to institutions and organizations that are meaningful to you.
Ethical Will
Ethical wills have been used since biblical times. These wills have no legally binding purpose, but they can be invaluable when you are crafting your legacy.
Traditionally, ethical wills are used to share your moral and spiritual values with your loved ones. You are leaving behind an extraordinary gift of knowledge when you take the time to author an ethical will.
Autobiographical Notes
In addition to the ethical will, you could also share autobiographical notes. You could write a full-blown autobiography, or you could simply recount meaningful life experiences that would be instructive to those who are interested in their family history.
Free Special Report on Legacy Planning
In this post, we have taken a brief look at legacy planning. We have presented some ideas, but you can learn more if you download our special report.
This report provides in-depth information about legacy planning, and it is being offered free of charge. To obtain access to your copy, click this link and follow the simple instructions: Legacy Planning Special Report.
Legacy Planning Consultation
If you want to create a comprehensive legacy plan, you would do well to discuss the matter with a licensed estate planning attorney. We offer free consultations to people in the greater Rochester area, and we would be glad to assist you.
To schedule an appointment, send us a message through our contact page.
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