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” such as your beliefs, ideals, philosophies, and faith into your estate plan. After all, for many people these are the most valuable assets they have and the most important things they can pass down to future generations.
What Is Legacy Planning and Why Is It Important?
The focus of traditional estate planning has always been to protect and preserve material wealth during a lifetime so that it may be passed down to the next generation. While protecting and preserving your material wealth is certainly important, those assets will not be the most important things you pass down to your children and grandchildren. When you take a moment to stop and think about it, things such as your core values, investing philosophies, religious beliefs, and guiding principles are what you truly want to pass down to future generations. In other words – your legacy is what you want to leave behind for your children and grandchildren.
Legacy planning does not replace traditional estate planning; however, it does shift some of the focus of your estate plan to accommodate the desire to pass down your legacy along with your material wealth. It also takes into account issues faced by the 21st century family that are not always addressed by a traditional estate plan.
How Does a Legacy Plan Differ from a Traditional Estate Plan?
A legacy plan does not replace an estate plan. Instead, it expounds on that plan by expanding the goals and objectives of your plan and incorporating modern and innovative tools and strategies into the plan to help you achieve them. This holistic approach to planning can allow you accomplish things such as:
- Preserve assets for children from a prior marriage while still ensuring that a current spouse is provided for in the event of your death.
- Plan for the continued financial support of a child with special needs without jeopardizing eligibility for much needed state or federal assistance programs.
- Ensure that your philanthropic gifting continues after your death.
- Encourage future generations to pursue higher education opportunities.
- Pass down your faith to future generations.
Conventional estate planning strategies and tools do not allow you to incorporate your true legacy into the plan you create. Legacy planning, however, does just that by weaving your non-financial legacy into your traditional estate plan, thereby ensuring that what you pass down to future generations is more than just material wealth.
At The Mendel Law Firm, L.P. , our Legacy Planning attorneys are committed to helping you create a legacy plan that incorporates your beliefs, ideals, philosophies, and faith into your plan to ensure that the legacy you leave behind is a true reflection of what matters most to you. Contact the team today by calling (281) 759-3213 or fill out our online contact form.