As you grow older, estate planning or legacy planning is something that you should not put off. Planning your estate involves determining how your assets will be passed to your loved ones after you die. Elder Care Direction can help you to understand the estate planning process and can save you money by helping you with some of the preliminary forms. We can then refer you to an estate planning lawyer for additional legal help.
What is legacy planning?
Legacy planning is synonymous with estate planning. The term has become more popular recently because people tend to associate estate planning with death. Legacy planning is focused on planning how your assets and wealth will be passed to your beneficiaries. It may be straightforward or complex, depending on your estate’s size. Legacy planning may also include talking about the values that you would like to pass to your heirs. You might also include charitable giving and a family narrative.
Why legacy planning is important
Legacy planning can make the transfer of your assets to your beneficiaries easier. You can also create a legacy plan that might help you to avoid probate by establishing a trust. An estate planning attorney can help you to prepare the documents that will make up your estate plan, including trusts and wills. You might also benefit by working with a financial advisor so that you can build a financial plan that will ensure that you will be able to leave a sizable financial legacy to your family members.
You will want to take steps to maximize what you will be able to leave for your family. This might include tax planning strategies to avoid or minimize estate taxes. Legacy planning can help you to achieve this goal.
Getting started with legacy planning
To start with legacy planning, you will need to gather some important information. You should write a list of your assets and where they are located. This can include your investment accounts, titles to your vehicles, deeds, insurance policies, and others. Next, you will want to think about who you want to receive your assets and property and whether you want to leave anything to charity. Think about the types of medical care that you want to receive at the end of your life. Having a general idea about these things will help to streamline the process.
The next step in the process is to talk to an estate planning attorney. A lawyer can help you to draft your estate planning documents in a manner that complies with the laws in your state. He or she can help you to avoid probate and to minimize the taxes your loved ones might otherwise have to pay.
Talk to the professionals at Elder Care Direction
Elder Care Direction works with older adults and their family members to help them plan for the aging process. We can help you to understand legacy planning and refer you to an experienced estate planning lawyer who partners with us. Fill out our contact form to request a consultation.