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WHAT IS LEGACY PLANNING?
Legacy planning is a financial strategy that prepares people to bequeath their material and financial assets to a loved one or benefactors after death. Legacy planning is essential for those with businesses or significant assets that require maintenance. The process of setting up a legacy plan involves both legal aspects and financial planning. The plan should address the issue of long-term financial security and outline how your business and assets are managed and continue to prosper after they’ve been passed on.
Legacy planning is important, as proper legacy planning allows your beneficiaries to obtain maximum value from any wealth or assets that are passed on. This transfer can be designed to minimize any tax burden and address any assets not covered entirely in an estate plan.
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How MVP Law Group can help!
Problems can occur when people don’t correctly coordinate all of the aspects of passing on their estate. If you have a well-drafted estate plan in place, you will ensure that your estate passes to whom you want, when you want, and is carried out in your chosen manner. With the right estate plan, you can rest assured that your family won’t have to endure a public process and face high probate costs. The government will also not be able to take a large portion of what you’ve spent a lifetime building. But you need to be aware of the many options that exist in estate planning – and you must choose your estate planning attorney wisely.
We offer a wealth of free information and free estate planning seminars in your area. Explore the resources available on our website, join us for a free Estate Planning Seminar, and request a Free Consultation.
We want you to feel confident about the choices you make, and we can be your guide on the path toward preserving your family’s future.
HOW TO BEGIN WITH LEGACY PLANNING!
The first step in legacy planning is to gather all of your financial information and material assets. You will want to put a comprehensive list together so that all relevant information is in one place. This information can include everything from investment accounts, real estate, valuable artwork, and insurance policies.
Once you have this information, then you will need to address some critical questions. Who do you want to leave your property and other valuable assets to? Are you interested in donating anything to charity? Who would you want to manage your significant assets, like an ongoing business, after you are gone? Do you have any specific preferences regarding your medical care? Addressing these critical questions at the start will help to streamline the process.
In addition, find out more with our list of Frequently Asked Questions.