Legacy planning is a broader and more comprehensive form of estate planning. If you take the right steps, you can craft an effective legacy plan and make an impact even after you are gone.
In this post we will provide some food for thought with regard to the components that could comprise your legacy plan.
Family Heirlooms
If you have family heirlooms in your possession, they are probably oozing with cherished memories. When you are crafting your legacy plan, you could take stock of the heirlooms that you have and decide on the ideal caretaker for each item.
This endeavor can be a very meaningful part of your legacy plan.
Ethical Will
We have all heard of the last will or last will and testament, but there or some other wills that are used in the field of estate planning. One of them is the ethical will.
This type of will is not used to transfer monetary assets. With an ethical will, you share your moral and spiritual values with the loved ones that you will be leaving behind.
Ethical wills have been used for centuries, and this type of gift is something that cannot be measured in dollars and cents.
Charitable Giving
Your legacy plan could include acts of charitable giving. There are various different ways that you can contribute assets to worthy causes.
Some people create private charitable foundations. There are the high-profile foundations that we have all heard of like the Bill and Melinda Gates Foundation and the Rockefeller Foundation. Though these are extremely wealthy families, most of the foundations in the United States are operating with less than seven figures.
Donor advised funds are another option. These funds are quite popular among people who are looking for an efficient way to contribute assets to multiple different charities.
There are also charitable trusts that are sometimes used by people who want to leave behind a legacy of charitable giving.
Giving to others is a reward in and of itself, but you may also be able to realize tax savings if you were to give to charitable causes.
Personal Memoirs
If you like to write, you could author your personal memoirs and pass them along to your loved ones. This would be a great way to share your formative personal experiences, and you may find it to be personally cathartic as well.
Free Legacy Planning Report
In this post we have provided a little bit of food for thought. If you would like to learn more about legacy planning, download our in-depth special report.
This report is being offered on a complimentary basis at the present time, and you can access your copy through this link: Southampton PA Legacy Planning.
Joe Masiuk, Estate Planning Attorney
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