Planning for Leaving Your Legacy Behind
The assets you leave to your loved ones can either be a source of relief or, sometimes, a source of panic if they don’t know how to manage those assets. Unless properly prepared, your loved ones may not know how to deal with sudden wealth. Even just fifty thousand dollars can be squandered quickly or built into a true legacy of love. Your loved one’s may lack trusted advisors to help them. Or they may not always share your values or your vision on how to put the money to good use. They also may not ensure it lasts for future generations.
Unfortunately, there are many stories of heirs who have spent their inheritances unwisely. And there are just as many stories of those who neglected to consult with knowledgeable attorneys or financial planners. Many neglect to research the best ways to minimize taxes while maximizing the opportunity to grow that inheritance. I’m sure you can even think of a friend or family member who squandered quickly what they were left.
There are some things you can do to help prepare your loved ones for the inheritance they will receive some day. Consider these questions in evaluating their ability to handle an inheritance:
Are they capable of managing an inheritance alone or do they need help?
If they need help, be sure your estate planning takes this into consideration.
Do they need some time to acclimate to their inheritance?
If so, you can put their inheritance into a trust to stagger the distributions over time.
Are you leaving assets in the hands of trustees or executors they don’t know?
Be sure your heirs know about your team of advisors and your wishes for retaining them to manage a business, real estate or other important assets.
Are they aware of your wishes and values when it comes to managing their inheritance?
If not, then consider taking advantage of our legacy planning process, where we help you pass on those valuable intangibles through a special recording that reveals who you are through your own history, insights, values, and experience. It’s a gift your family will cherish forever, and we are honored to be able to provide it for our clients.
Start Planning Your Legacy with Bridge Law LLP
This article is a service of Bridge Law LLP. We are an award-winning law firm that specializes in business and estate planning for clients like you. The goal for every family is to stay educated, avoid probate, avoid estate taxes, and build a legacy for you and your loved ones. What sets our firm apart is that we build lasting, lifelong relationships with our clients. They rely on us to keep them updated and provide sound legal counsel. Lastly, we are there for them immediately if any problems should ever arise. Not to mention, we don’t charge hourly fees to our families. You will never have to worry about speaking to us. If you’re ready to keep your family out of Court, contact us today to schedule an initial consultation.