Leaving a Legacy
Basic estate planning is a must for those who wish to leave an inheritance to their loved ones and provide information about their final wishes. If, however, you are among those who prefer to leave more than just a basic inheritance, an advanced estate plan with a focus on legacy planning might be a better option.
With a legacy plan, you can leave a complex financial legacy for your closest loved ones and future family members. Legacy planning with the use of irrevocable trusts allows funds to be distributed over time instead of paid in one large sum. There are many benefits to using a trust to pass on an inheritance. It can help a special needs family member continue government aid eligibility. Or if you feel a family member may mismanage an inheritance, slow payouts can alleviate your worries. To create a family legacy, you can use a dynasty or generation skipping trust to ensure your financial legacy will reach your descendants.
One special focus of legacy planning is leaving something to remind your family members of who you were. There are many avenues for leaving a personal history legacy. You may wish to leave a taped message or written letter to specific family members with a special personal message, remembrances or lessons of your life. You can also write a personal memoir to be shared with future generations. If you have joined the genealogy craze you might enjoying using the facts you have learned for something more: a written family history.
Because you are not just a part of your family, you are also a part of your community; legacy planning allows you to leave a charitable legacy. A charitable trust enables you to deposit funds to be used for a special cause. Through this trust, your money will continue to do good for many years after you are gone.
Levine & Furman, LLC is a member of the American Academy of Estate Planning Attorneys.