For serious individuals estate planning is not just a matter of drawing up a basic last will. A lot of people who see the big picture want to craft a lasting legacy and do everything possible to provide for their loved ones while making a mark that can extend to the community at large. Some people are very interested in philanthropic efforts, and these and others may be intent on providing resources for multiple generations.
This type of comprehensive planning is going to require expert legal assistance. Legacy planning attorneys have made a career out of listening to the wishes of their clients, gaining an understanding of their assets, and subsequently shaping a plan that is as unique as the client in question.
There are those who think that they can go it alone with some generic documents that they downloaded from a website, but most people who have some modicum of business acumen understand the fact that this is largely unacceptable. But there are individuals who don’t discern between types of attorneys.
You don’t go to a plastic surgeon when you need a knee replacement. By the same token, you don’t want to go to an attorney who has a general practice when you’re planning your estate. There are many intricacies involved in legacy planning and it takes a great deal of education and years of experience to understand all of the legal instruments that are typically utilized and when to use them.
The best course of action is to identify a legacy planning attorney that you feel comfortable with early in your adult life. You can then formulate a plan that provides for the education of your children and your own retirement, one that ultimately leads to the ability to leave behind a robust legacy. If you have not yet gotten started, make today the day that you take control of your future with the benefit of some sound legal guidance.
- A Trust Can Facilitate Responsible Pet Ownership - September 13, 2022
- Life Care Planning, Aging in Place, and the Medicaid Waiver - August 30, 2022
- What Is a Stepped-Up Basis? - August 16, 2022