When you stop to think about what you truly want to pass down to children and grandchildren it is probably not just tangible assets. Instead, it is the intangible things that matter to you, such as your family history, your ideals and beliefs, and/or your faith. These are the things that are often overlooked in traditional estate planning. Legacy wealth planning, however, takes your estate plan to the next level by incorporating these intangible “assets” into your estate plan.
At Levine, Furman & Rubin, LLC we understand what your legacy means to you and we are dedicated to helping you pass it down to the next generation.
What Is Legacy Wealth Planning?
You have worked hard over the course of your lifetime and, as a result, you have accumulated a significant amount of assets, some of which you plan to pass down to your children and grandchildren. What you most hope to pass down to your children and grandchildren, however, is not your tangible assets but the ideals, philosophies, morals and faith that guided you throughout the course of your lifetime.
Legacy wealth planning helps you do just that by using creative ways to incorporate those ideals, philosophies, morals and faith into your traditional estate plan. The goal of legacy wealth planning is not just to pass down your legacy, but to encourage future generations to honor that legacy by adopting the belief system that helped make you who you are today.
How Does Legacy Wealth Planning Work?
Legacy wealth planning works by weaving the intangible assets that make you who you are into your traditional estate plan. Although every legacy wealth plan is unique, there are a number of common ways in which this is accomplished. For example, if philanthropy is part of your core belief system, it should be included in your estate plan as often as possible. Direct gifts to charities are a simple and easy way to show your philanthropic nature.
You might also create a charitable remainder or charitable lead trust within your estate plan which allows you to blend gifts to both a charitable and a non-charitable beneficiary. If you have a strong belief in the importance of education, you might create a trust, the terms of which only allow distributions to beneficiaries for education related expenses. Creative use of a wide range of estate planning tools and strategies can also allow you to weave your faith into your estate plan to be passed down to the next generation.
The New Jersey Legacy Wealth Planning attorneys at Levine, Furman & Rubin, LLC are committed to helping you preserve and pass down your ideals, philosophies, morals and faith to future generations. Contact the team today by calling 732-238-6000 or by filling out our online contact form.