27 Sep Should You Have an Estate Plan or a Legacy Plan?
By: Barry E. Haimo, Esq.
September 27, 2018
Should You Have an Estate Plan or a Legacy Plan?
Take a moment to think about what you have achieved through your life.
These achievements may have a monetary value, but they also may simply add to what people think about when they hear your name. Your achievements may be stories that should be passed down throughout future generations.
We cannot always guarantee what happens once we pass on, but we can plan in a way that upholds and supports our legacy. If your legacy is important to you, you might want to consider creating a legacy plan alongside your estate plan.
What Is a Legacy Plan?
A legacy plan is, quite simply, a form of estate planning that accounts for the legacy you want to leave behind. Your legacy could take on the form of a person who wanted children to get a high-quality education or to keep your local parks green and free for all.
Legacy plans direct your funds into charitable entities through the form of:
- Donations and gifts
How Is a Legacy Plan Different Than an Estate Plan?
A legacy plan is an estate plan with a specific focus on how you will make your mark on the world after you pass away. It considers the work you have done throughout your life and the motivation behind that work.
What morals guided your decisions through work or managing a business? Where and for what causes did you devote your time? How can you make your vision a reality with the assets you leave behind?
When you tell your estate planning attorney that you want to create a legacy plan, they will shift their focus to the generations beyond your immediate family. While your estate plan will cover the distribution of your assets to beneficiaries who are currently alive (your children, your grandchildren, etc.), your legacy plan takes into account that, 20, 50, or 100 years down the line, your legacy should still remain through entities that pass on your vision and morals.
How to Set Up a Legacy Plan
A legacy plan has all the same elements of an estate plan, including a last will and testament, but the goal is different.
To maximize the amount of assets that are passed down to charitable organizations or other causes that you want to support with your legacy, your estate planning attorney may suggest setting up trusts or foundations. They will include that information in documents like your will.
Legacy planning also requires a look at your current finances and where you are headed in this lifetime. Again, to maximize the amount of funds that will support your legacy, your attorney may have suggestions for what you can do to build your estate while you are still working.
Solidify Your Legacy Today
Whether you have an estate plan in place that you would like to enhance, or have questions about legacy planning, reach out to a Florida legacy planning attorney. An experienced attorney can guide you through your next steps in building a legacy that shares your vision and morals for years to come.
Barry E. Haimo, Esq.
Strategic Planning With Purpose®
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