Direct Question Or To Notice My Life.Com Out Of States Legacy & Estate Planning Basics

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Legacy & Estate Planning Basics

Take a few moments and think about this: If you could open a portal and ask three questions of a deceased ancestor, what three questions would you ask? Why did you choose these questions? If you were visited by one of your future descendants what three questions do you think they would ask you? The success of sites like Ancestry.com and MyHeritage.com confirms our culture’s desire to understand their relationship with their ancestors – but the question remains, are people just looking for names and pictures? If you discover a few brief news headlines and census records will all your questions be answered, will your search be complete? Through conversations with counselors, clients and observations throughout history I have learned that stories are what people love. Every person has a story – therefore every person has a legacy. Still don’t believe you have a legacy to share?

Merriam-Webster online says that the word Legacy is a noun and means: something passed down or received from an ancestor or successor or from the past. So we know you have a story and we also know now that if you pass on that story – you pass on Your Legacy. Simply put, Legacy Planning is the conscious process that organizes and preserves you and your stories for future generations. Those looking to live a purposeful life will find Legacy Planning and Estate Planning can be combined to guide and direct future generations while also helping you preserve your hard-earned assets and ensure they go where you want them to. that they will go after you pass.

By consciously planning your generational impact you can save your family and heirs a lot of time, expense and potential grief by eliminating uncertainty about inheritance and sharing a valuable life lesson. In the process of legacy planning you are given the opportunity to teach and offer hard-earned life experiences that have helped shape your life and guide your destiny. The old saying, “If you give a man a fish you feed them for a day, but if you teach a man to fish they can eat for a lifetime,” is a common theme that is taken every day. of many successful clients who are concerned about the well-being and readiness of their future generations.

There are many studies that show that those who have written plans outperform those who do not. Take a moment and consider the impact this principle can have on an entire generation. Planning and productivity leader Michael Hyatt astutely observes, “I’ve met some people who have a plan in their lives.” How many families do you know that have a written 100-Year Plan that is also approved and active in the area? Seventy percent of Americans have no will. Unless you want to be able to donate a large portion of your estate to Uncle Sam, it’s time to join the thirty percent who do. Although writing a will, or the appropriate instrument recommended by your advisor, may not be fun to think about, a little foresight now can save your heirs and loved ones a lot of trouble down the road. The planning process of gathering thoughts, stories, ideas and traditions together can prove rewarding and inspire many new thoughts and possibilities.

In this Legacy & Estate Planning Basics series you will learn to:

– Recognize Generativity in yourself and others and steps to increase it;

– Implement the 4 Basic Building Blocks of a Strategic Legacy Plan;

– Understand the basics of wills, trusts, probate, inheritance statements, and charitable giving;

– Create a power of attorney, a living will, and a long-term care arrangement; and

– Minimize the impact of estate and inheritance taxes on your heirs.

Warren Buffet, famous investor and head of Berkshire-Hathaway has attracted a lot of attention and praise for his comments about the inheritance of his own children, “The perfect amount of money to leave to children is enough money for them to feel like they can do anything, but they don’t. So much so that they can’t do anything.” In Buffet’s case that amount was reportedly, $10 million. Buffett’s attitude of empowering the next generation without stifling their desire to create, contribute and self-direct has been embraced by the middle class, young professionals and baby boomers. The goal is to avoid the old saying, “shirtsleeves to shirtsleeves in three generations.” Only by planning your legacy and your current situation can you ensure that all your wishes are known and respected when you die.

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