If you already have anestate plan in place, it may be time to take that plan to the next level byincorporating legacy planning into your overall plan. Legacy planning is notsomething that takes the place of your existing estate plan. Instead, legacyplanning takes over where your estate plan left off. It allows you to do morethan just plan for the disposition of your tangible assets because, when youstop to think about it, you likely want to pass down much more to futuregenerations. It is often the intangible ideals, philosophies, and beliefs thatmake up your legacy that are what you truly hope to pass down. Legacy wealthplanning does that by incorporating what matters most to you into your entireestate plan. A North Andover legacyplanning attorney at DeBruyckere Law Offices explains how to leave your legacybehind long after you are gone.
Is a Traditional Estate Plan Enough?
Without a doubt, having acomprehensive estate plan in place is one of the most valuable gifts you cangive to your loved ones as well as to yourself. A traditional estate planensures that your estate assets will be distributed according to your wishesafter you are gone and often ensures that your wishes will be honored regardingend of life medical decisions and funeral and burial plans after your death.While a traditional estate plan can protect your assets and your wishes, theremay come a time when you ask yourself if that traditional estate plan isenough? After all, what you hope to leave behind is more than just the materialwealth you have accumulated over the years. You hope to also leave behind yourlegacy.
Can Legacy Wealth Planning Help?
If you have reached a pointat which you feel that something is missing from your traditional estate plan,it is probably time for legacy wealth planning. Legacy wealth planning is notsomething that takes the place of your traditional estate plan. It is somethingthat adds to that plan. It attempts to pass down more of who you are to thoseyou leave behind.
For example, if yousubscribed to a specific work ethic or business philosophy throughout yourworking career, there is a good chance that you want to pass that ethic orphilosophy down to the next generation. After all, it helped you to achieve thesuccess you have achieved to date. By the same token, if your faith has alwaysbeen a guiding force or your belief system has always provided you with afoundation, those are parts of your legacy that you likely want to leavebehind.
How Does Legacy Wealth Planning Work?
There are actually a number of different opportunities within your traditional estate plan to interject your legacy. Creating an incentive trust is one of the most popular options. An incentive trust allows you, as the Settlor of the trust, to create trust terms that provide an “incentive” to the trust beneficiaries to do, or refrain from doing, something that matters to you. If a higher education is important to you, for instance, you could create trust terms that only allow the trust assets to be used to pay for education-related expenses. Likewise, if your faith is a guiding force, you could include trust terms that require a beneficiary to practice the same faith. If you have a larger estate to work with, you could even establish a family foundation and require your children to participate in the management and operation of the foundation. The possibilities are limitless once you sit down and start discussing the ways you can leave your legacy behind.
Contact a North Andover Legacy Planning Attorney
For more information, please join us for an upcoming FREE seminar. If you are contemplating a relocation when you retire and want to update your estate plan as a result, contact a North Andover estate planning attorney at DeBruyckere Law Offices by calling (603) 894-4141 or (978) 969-0331 to schedule an appointment.
Do I have to create a new estate plan to include my legacy?
No. Your estate planning attorney can incorporate legacy planning into your existing estate plan.
Can charitable gifting be part of legacy planning?
Absolutely! Charitable gifts can be made within your estate plan using your Will, a trust, or a variety of other estate planning tools.
How can I explain my hopes and dreams for my legacy?
One way is to include a Letter of Instructions with your estate plan. Although not legally binding, the instructions and wishes you include within this document can help your loved ones understand the decisions you made within your estate plan.
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