If you want to ensure that you are leaving behind a strong legacy for your loved ones, there are a few key estate planning tasks that you will need to take care of. Unfortunately, far too many people neglect to put the right plans in place, which means that they risk losing the chance to enrich future generations and provide for loved ones left behind. 
You don’t want this to be your fate, so be sure to complete these five key estate planning tasks to build the legacy that you deserve after a lifetime of hard work.
1. Create an asset protection plan
One of the most important things you can do as part of your legacy plan is to create an asset protection plan. This is essentially because if you end up losing your assets during your lifetime, there will be nothing available to leave behind as a legacy.
There are many potential risks to your assets. For example, around 70% of older adults will end up requiring long-term care, according to the Office of the Assistant Secretary for Planning and Evaluation. Medicare and private insurance won’t pay for this, so you need a plan to avoid spending down everything that you have worked for if you end up getting sick or old and can’t take care of yourself any longer.
You can also make a plan to shield your assets from creditor claims, to avoid estate tax, and to ensure that your heirs preserve the wealth that you are leaving behind and that they use it wisely.
2. Prepare for incapacity
Preparing for incapacity is also important because otherwise, if something happens to you, your assets could go unmanaged, and some of their value could be lost. You need to use tools like a living trust or a power of attorney to ensure that the right person or entity is in charge of managing your money and property if you cannot do so. This way, your family will not have to go to court and get a guardian appointed — which could take time and result in the wrong person being chosen, thus putting your assets at risk of losing value due to improper management.
In some cases, you may have assets that require even more care and consideration to be prepared for the day when you become incapacitated. For example, if you have a family business, you need a succession plan so the right people can take over and the company can keep thriving even if you become unable to manage the company on your own.
3. Use the right tools to determine who will inherit
Finally, you need to use the right tools to make your legacy plan. In many cases, this goes beyond just having a last will and testament. Simply having a will just allows you to specify who inherits. Other tools such as a trust can go a lot further in avoiding estate tax and preserving wealth for future generations.
You can use trusts to address specialized issues, such as what to do if a minor inherits or what happens if you are leaving money or property to someone who is irresponsible in spending, who is disabled, or who gets a divorce. You don’t want to risk your money being lost in these situations, so you can work with an attorney to identify the right types of trusts to protect the value of the assets you are leaving behind. There are many different options for trusts, such as irrevocable and revocable trust as well as specialized solutions like spendthrift trusts or special needs trusts — and you’ll need to find the best one to accomplish your goals for your legacy.
If you want to provide some money to a charity upon your passing, your attorney can also help you to explore options such as donor advised trusts or private foundations that will allow you to maximize the tax benefits of making charitable contributions and that will make it possible for you to have more control over how your funds are being used to support causes that you care about and to make a meaningful difference in the world.
Getting help from a lawyer to make your legacy plan
At our firm, we can do more than just help you make a make estate plan. We understand that you want to protect and preserve your assets and provide appropriately for those who you are leaving behind — whether that means leaving money for future generations or donating to a charity and making a meaningful difference.
We’ll help you to consider the big picture, understand the different ways to accomplish your goals, and ensure that you are using appropriate tools to meet your needs. Give us a call at (916) 437-3500 or contact us online today to start the process.
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