When you are planning your estate, you may be concerned about how you will be remembered after you pass away. If you feel this way, you can engage in a more comprehensive form of estate planning called legacy planning.
There are various different things that you can do to craft a lasting legacy. In this blog post, we will provide some food for thought.
Preserving Wealth
Legacy planning is not all about money, but we should touch upon wealth preservation. People who are exposed to the federal estate tax must take steps to preserve resources for the benefit of their loved ones.
In 2015, the estate tax exclusion is $5.43 million. Any portion of your estate that exceeds this amount is potentially subject to the estate tax. If you are exposed, you can implement tax efficiency strategies to preserve your financial legacy.
Family History
As an elder member of your family, you remember things that younger people in your family have no way of knowing. When you are shaping your legacy, you may want to record your family history so that the loved ones that you will be leaving behind can draw from these memories.
Heirlooms
There may be family heirlooms in your possession that have been passed down from generation to generation. When you are putting your legacy plan together, you can carefully consider the way that you will be distributing these priceless objects.
Ethical Will
We have all heard of the legal document called a last will or last will and testament, but this is not the only will that is used in the field of estate planning. There is another type of will called an ethical will. It is not legally binding, but it can be a very important part of your legacy plan.
This type of will is used to record your moral and spiritual values. Family members have probably looked toward you for guidance over the years, and you can make your wisdom available even after you are gone if you create an ethical will.
Charitable Giving
Giving to charity can be very rewarding when you are devising your legacy plan. There are various different ways to go about it. Charitable trusts are sometimes utilized, and you could alternately be in a position to create a private charitable foundation.
Donor advised funds are also used by people who want to satisfy philanthropic aims.
Legacy Planning Consultation
If you would like to discuss your legacy with a qualified and experienced estate planning attorney, our firm can help. At your consultation, we will be glad to answer your questions and explain your options to you.
To set up an appointment, send us a brief message through this page: Sacramento CA Legacy Planning Attorneys.
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