Month after month, you may read articles about the importance and value of estate planning. Congratulations! The message is sinking in, and you’re making a plan that will benefit your family for years, decades, perhaps generations, into the future.
So, at this juncture, the word “legacy” may be popping up for you. “Legacy Estate Planning,” as we call it in the financial services world, is about more than leaving resources behind to your family. It’s about strategically leaving resources for your family, so your estate can do the most good for the most years. It’s an honorable pursuit, and for most families, it’s an absolute necessity.
Legacy estate planning is not about money, it’s about intentionally planning for its use by those you love. It’s about setting up parameters and allowances; setting up rules and boundaries.
Your children love you, and your grandchildren love you, too. You want to leave them any and all inheritance you can when you pass from this world, but you have specific ideas on how it would benefit them most. In short, you realize they may need to get out of their own way to make the best choices with the resources you leave for them.
When you create a Legacy Estate Plan, you can include language and stopgaps that help your loved ones correctly manage the funds you have gifted them. In the documents you create with your advisor, you can set parameters for use of what by whom and when. If you’re worried about in-laws, include restricting language to that regard. If you’re concerned about someone being taken advantage of by another, put parameters in place to prevent it.
This is the beauty of the peace of mind you can experience with a Legacy Estate Plan. Help your loved ones help themselves, and create a space in the future where your estate can be its’ most effective in the lives of those you love most.
It’s time to plan. Do it in a way that’s worthy of your legacy. It’s this legacy, not the money, that will make the biggest difference in the lives of those you love. Don’t wait to contact our office with any questions you may have.