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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.

dorcey law firm
The Dorcey Law Firm, PLC - Fort Myers Attorney
Located at 10181 Six Mile Cypress Pkwy, Suite C, Fort Myers, FL 33966
Phone: (239) 330-6674
Local Phone: (239) 418-0169
Website:
Probate.com