Did you know that creating an estate plan is more than just compiling a series of documents?
It is the embodiment of the legacy you wish to leave behind for your loved ones.
Creating and sharing your goals as well as the thought process behind making each decision related to your estate plan is a way to share your legacy with your loved ones while you still have the opportunity to do so.
We know, however, that it can be challenging to determine the most effective way to leave behind a legacy for your loved ones.
In honor of Grandparents Day on September 8th, let us share with you a few tips on creating lasting legacies.
First, it is important to take some time to evaluate your goals for your legacy. How would you like to provide for your loved ones once you are no longer here? Are certain charitable organizations or family heirlooms dear to your heart? Being clear about your intentions and evaluating how to put those intentions into action is the first step to creating a legacy that will last for your loved ones.
Another way to create a lasting legacy is by planning for your children or grandchildren through your estate plan. In addition to creating legacies through your trust planning, you may also wish to directly name them as beneficiaries on traditional Individual Retirement Accounts (IRAs) or Roth IRAs. If you choose to set up a beneficiary IRA, remember you can name multiple beneficiaries. Once the donor passes away, the IRA is divided into separate accounts so each beneficiary can access his or her funds independently. Similarly, you may consider purchasing an annuity and naming your child as the beneficiary. Upon your death, your child will then receive an income from annuity payments over his or her lifetime.
Above all, there is no substitute to discussing your goals for your legacy with an experienced estate planning attorney. He or she can help guide you through each step of the planning process and can help you evaluate the best planning options for you to leave a lasting legacy for your loved ones. A Florida estate planning attorney can also help instruct you as to the specific laws of the state to help ensure that your estate and legacy remain protected.
These are just a few ways to create a lasting legacy for your grandchildren. If this article raises more questions than it answers for you or if you need further advice on this specific topic, do not hesitate to contact our office and schedule a meeting with us. We are here to guide and support you with your estate planning needs.