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Top 10 Estate and Legacy Planning Techniques

The Mendel Law Firm The Mendel Law Firm Revocable Living Trust: A device used to avoid probate and provide management of your property, both during life and after death. Property Power of Attorney: Instrument used to allow an agent you name to manage your property. Health Care Power of Attorney: Instrument used to allow a person you name to make health care decisions for you should you become incapacitated. Annual Gift Tax Exclusion: Technique to allow gifts without the imposition of … [Read more...] about Top 10 Estate and Legacy Planning Techniques

Legacy Planning Definitions

For current Estate and Gift tax figures, click here. Annual Gift Tax Exclusion: Technique to allow gifts without the imposition of estate or gift taxes and without using lifetime exclusion. Children's or Grandchildren's Irrevocable Education Trust: A Trust used by parents and grandparents for a child's or grandchild's education. Charitable Remainder Interest Trust: A trust whereby donors transfer property to a charitable Trust and retain an income stream from the property transferred. The … [Read more...] about Legacy Planning Definitions

What is Legacy Planning?

Our law firm has been helping families plan for both their financial wealth and their treasured wealth for many years. We believe that traditional estate planning has been failing American families. Traditional “bare bones” estate plans have only focused on distributing financial wealth and have done little to secure the future families intend when planning for future generations. We have seen many families lose financial assets after the first generation through traditional estate planning … [Read more...] about What is Legacy Planning?

Legacy Planning

The Mendel Law Firm The Mendel Law Firm You probably have a fairly good idea of what estate planning entails. You may even have an estate plan in place already; however, the concept of Legacy Planning may be new to you. Legacy planning is not something that takes the place of your existing estate plan. Instead, legacy planning takes over where your estate plan left off. Think of a legacy plan as a bigger, better, and broader estate plan that is achieved by incorporating intangible “assets” … [Read more...] about Legacy Planning

What is the difference between “traditional” estate planning and Legacy Wealth Planning?

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Traditional estate planning is focused on financial assets and is concerned with avoiding probate and estate taxes. On the other hand, Legacy Wealth Planning is concerned with financial and non-financial assets of a family and creating a family’s personal legacy plan. Legacy Wealth Planning addresses how to capture and transfer family traditions and values, as well as protecting financial wealth for current and future generations. … [Read more...] about What is the difference between “traditional” estate planning and Legacy Wealth Planning?

What is Legacy Wealth Planning?

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Legacy Wealth Planning is the creation of a definitive plan for managing your total wealth while you’re alive, distributing your estate how you choose after your death, and a clear plan to pass on your legacy. Your estate includes all assets of any value that you own. This includes non-financial assets as well as financial assets, including real property, business interests, investments, insurance proceeds, retirement accounts and personal property. Your legacy incorporates important decisions … [Read more...] about What is Legacy Wealth Planning?