Fort Myers Probate Attorney
What is a Legacy Plan?
Some wealthy families may believe that estate planning only focuses on
passing financial assets on to family members after a loved one passes.
A legacy plan incorporates the basis of estate planning, as well as ensures
that family values and beliefs are passed on to future generations, as
well. A legacy plan consists of documents similarly needed in an estate
plan. A will, powers of attorney, and living wills are only a few of the
items needed for a proper legacy plan. Creating a legacy plan is for everyone,
not just those who have over $1 million in assets. If you are interested
in constructing a legacy plan, please contact our Ft. Myers probate lawyer
at The Dorcey Law Firm, PLC today!
Why create a legacy plan?
Legacy plans establish financial security. Providing for beneficiaries
and loved ones are important, but putting yourself first is the number
one priority of a legacy plan. You can only give assets and properties
to others if you are secure in your own way of living. When you are financially
stable, you can create ways to distribute your wealth to loved ones. Oftentimes,
spouses, children, grandchildren, and charities are the most favorable
beneficiaries. After you pass away, your estate may diminish without your
management. In order to prevent this, you can create a legacy plan. For
people who own businesses, it may be beneficial to create an estate plan,
in order to keep the business running after you pass away.
The legacy plan creator and business owner must decide who will own the
business, who will receive its income, and who will manage the business.
Once you establish who is to receive the assets in your legacy plan, it
is wise to discuss ways to transfer the assets to beneficiaries with minimal
taxes. You may not be aware of hidden assets or how valuable your estate
actually is until you discuss legacy planning with an experienced estate
planning attorney. There are many types of taxes, such as inheritance,
income, or estate taxes that may burden your family after you pass away.
Not establishing a legacy plan may mean that your loved ones inherit less
than what you planned for before due to unforeseen taxes.
What Our Firm Can Do
Our firm has years of experience in creating personalized legacy plans
for clients. We may ensure that all types of taxes are prepared for prior
to your death, as well as confirm that your estate and/or business will
be taken care of by future beneficiaries. When you are comfortable with
your own finances, it may be beneficial to you and your loved ones to
construct a legacy plan. Please contact one of our
wills and trusts attorneys from The Dorcey Law Firm, PLC, as soon as possible.