5 Ways You Can Leave Your Legacy
August is What Will Be Your Legacy month, and this is the perfect time to think about what your Legacy will be. What will you leave behind for future generations to benefit from? To remember you by? Consider your past and future goals, and how you can leave your Legacy. There are many ways to accomplish this. Today we will be discussing five ways you can leave your Legacy.
Beneficiaries Inherit via Trust
One way you can leave your Legacy is having your beneficiaries inherit via Trust. After we are gone, we want our loved ones to benefit from the things we leave behind. Whether that be our home, vacation property, investment account, a certain percentage of our remaining estate, or anything else that has value to us. No matter what they are, we want to leave these things to our loved ones. Leaving behind assets in trust for your chosen beneficiaries helps preserve and protect these assets. The protection received is protection from estate taxes, divorce, potential creditors, and lawsuits.
Using Specific Distributions
You may also leave your Legacy through Specific Distributions. Do you own a beautiful painting that your friend has always admired? A piece of jewelry that your niece always asks to wear when she visits? Maybe even an old concert stub. Make sure your tangible personal property goes to the people that you want it to.
Donate to Charity
Another option for leaving your Legacy is to donate to charity. Donating to charity for most is a very personal and meaningful decision. For many of us, there is at least one charity that is near and dear to our hearts. You might donate money to a charity that has benefitted you or a loved one. This is a wonderful way to show your gratitude and to help them continue their research.
Start a Charitable Foundation
A more long-term charitable option to leave your Legacy is to start a charitable foundation. A charitable foundation is a renewable resource that can give to charity over a number of years. You may want to consider creating your own charitable foundation. This is a gift that future generations can also use to teach their children and grandchildren about their responsibility to those less fortunate than them.
Finally, think about leaving your Legacy through an education trust. There are two ways that the beneficiary can benefit from these types of trusts. One way is when they turn 18, they get a certain amount each month that is distributed to them directly by the trustee. The other way is that the trustee can pay for their educational expenses directly. Be specific about what qualifies as education under the terms of your trust (four-year school, private or public, trade, apprenticeships, internships, secondary and professional education, etc.).
Take some time to think about how you want to leave your legacy. There are many ways that this can be accomplished, just be sure to remain thoughtful about your choices. Contact us today to schedule a time to discuss your options with one of our licensed attorneys.
Visit our YouTube Channel to watch informational videos on Estate Planning.