3. Creates A Legacy - Continued

Yesterday, I stated that creating a legacy is the most important benefit of estate planning. The reason I made that statement is because all of us have a legacy. Let the estate planning process help you find yours if for some reason you do not know your legacy.

In an earlier blog, I introduced Max from my book Stop! What Are You Waiting For? Your Step-by-Step Guide to Estate Planning. Max collected historical memorabilia on the American Revolution. How can he preserve this passion for the historical significance of a major event in American history? Through estate planning, he can build upon this legacy. Future generations could benefit from the knowledge these documents provide. Max can even make sure the next generation is guided by his wisdom by giving specific instructions on the use of assets. He does not want to lose the momentum of his collection through ineffective management by his spouse or children if their interests should differ from his. Professional advice and guidance now can make the difference between creating a legacy and losing an accumulated treasure of the past.

Max’s legacy can be addressed in many ways. If he wants to leave assets to his spouse or children but their interests or passions differ from his, then he can leave the collection in a trust. He can fund the trust and choose a trustee who will be responsible for preserving the assets he accumulated in a way that he may designate. If his interest is charitable, he can give in a number of ways to those who will cherish his generosity, including institutions of higher education, museums, or organizations of scholarly pursuit. Estate planning can even enable Max to create a legacy of philanthropy that can include the involvement of his spouse, children and grandchildren.

Leave your comments here or contact us at http://www.buckscountyattorney.blogspot.com/

Your Legacy And Charitable Giving

When you use the term philanthropy, many people think it does not apply to them but to the very wealthy. However, most people do see themselves as charitable. Well, philanthropy and charity are one in the same thing. You often are charitable to those things that matter most to you. In your display of charity, you are expressing a part of yourself, a part that can be captured in your estate planning. It is your personal legacy.

For many, one of the most important part of a personal legacy is philanthropy/charitable. But it is seldom just about the amount of the check or the impact the gift has on taxes. It is about the personal legacy story and the portion of the story that the charitable gift completes.

I have many clients who are committed to the idea of higher education and making it more accessible and afforable to others. As a result, they often want to provide a bequest in their will or establish a trust which would represent their legacy. They feel a greater sense of connection to the causes and educational institutions to which they give, and they are better able to articulate their values and life experiences that led them to their philanthropic/charitable choices. As a result, philanthropy/charity can provide the added benefits of both a teaching tool and a treasured family tradition.

Your comments are encourage or feel free to contact us at www.ythlaw.com