The Legacy Planning Process

by | Nov 7, 2020 | estate planning

legacy planning process

If you are just getting started with the estate and legacy planning process, your number one focus may be how to maximize what you leave to your family and your favorite charities. You may also have some concerns about how taxes will be paid on your estate. 

However, the legacy planning process is not just about maximizing financial wealth to pass on to future generations. While you can usually ensure that you are leaving the most money possible to the next generation through careful estate planning, the legacy planning process may be more challenging.

Legacy Planning Attorneys

The California estate planning attorneys at Galanti and Copenhaver can also assist you in creating a legacy plan. When you schedule a consultation with our office, one of our attorneys will meet with you and discuss your goals and what you wish to accomplish with estate planning. We can help you decide what forms of estate planning best suit your needs and whether a legacy plan would be right for you. Contact our office today to get started with creating a legacy plan or any other form of estate planning that you are interested in.

What is a Legacy Plan?

A legacy plan is similar to an estate plan in that it is a way to set forth how you would like your property and assets to be distributed amongst your loved ones upon your death. Typically, a legacy plan involves the transfer of assets and wealth from you to your heirs or other beneficiaries. 

In addition to the transfer of wealth, there are other aspects commonly involved in legacy planning. Legacy planning may include discussing certain values you want your heirs to carry on after you are gone. It may also involve creating a family narrative that goes beyond physical assets. Many people also like to include charitable giving in their legacy plans.

Why Might I Choose a Legacy Plan?

Choosing a legacy plan over more formal estate planning is a personal choice, and it may not be the best fit for everyone. A legacy plan might be right for you if it is important to you to pass on things to your heirs that go beyond money and real estate.

If charitable giving is extremely important to you, a legacy plan rather than a simple estate plan may be the best route to take to accomplish your goals. A legacy plan is also a good fit if you want to ensure that your heirs and loved ones understand your family history, goals, and important values.

How Do I Get Started with the Legacy Planning Process?

The first step in legacy planning is to decide what your goals are and what you would like to accomplish with your legacy plan. It can be helpful to have open and honest discussions with other family members and your estate planning attorney. Good communication is essential for preserving wealth and ensuring that your wishes and goals are understood when it comes to the distribution of assets from your estate.

If giving to charity is important to you, now is a good time to think about issues in your community and find out if there are charitable organizations that could stand to benefit from your assistance or charitable gifts. It is often helpful to discuss your values and goals with your family and loved ones so that you can develop a legacy plan that aligns with these values and goals.

How to Successfully Create a Legacy Plan

In order to successfully create a legacy plan, you must first fully develop your family wealth goals. Once you have established your goals, the next step is to discuss all of your planning options with financial advisors and your estate planning attorney. Your estate planning attorney will be able to assist you in creating an estate and legacy plan that is designed to achieve your goals.

Legacy planning is often a collaborative effort, so discussing some aspects of your legacy plan with close friends and family may help you to ensure that you are meeting all of your goals and including the values that are most important to you. With legacy planning, passing on values is often an important aspect of the plan, and including the ideas and thoughts of what is important to those you love can help ensure your goals are carried out. 

Developing a legacy plan is a great way to leave behind not just your assets and real property but to leave behind the values and morals that you wish to be carried out in future generations. Contact the attorneys at Galanti and Copenhaver today to learn more about how a legacy plan may be beneficial for your family.

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