Legacy planning is a term that’s increasingly associated with estate planning – but what is it really all about and should you consider it? Here’s some insight from an estate planning attorney in NJ.
What is Legacy Planning?
Essentially, this is a more comprehensive estate planning and financial strategy that focuses on ensuring a smooth transition of wealth and/or assets over multiple generations to come. It is especially important for people with small businesses or other assets that require maintenance that they would like to keep in the family for as long as possible. While ensuring those assets are legally protected through the decades to come is a main focus of these strategies, many people also view it as a way of reducing potential conflict and passing on family values – a way of protecting their family relationships as well as preserving their wealth.
Who Can Benefit from Legacy Planning?
“Legacy” is a word most often associated with the famous and wealthy, but the truth is that most families can benefit from these strategies – we all have a legacy. Here are some of the main goals of legacy planning – if they resonate with you, then it’s a good idea to investigate this option further with your estate planning attorney.
- Deliver financial security: Legacy planning is about caring for those you leave behind and ensuring they have financial security. The strategy is to firstly develop your own financial security as far as possible to ensure that your wealth is growing as much as possible, then to establish goals for how you would like your assets to be distributed and how you would like your heirs to benefit. It’s about making your hard-earned money work hard for you, your heirs, and future generations.
- Creating continuity and longevity: This plan is all about ensuring that something important to you is passed down properly through the generations. It’s not only about who will inherit the asset or wealth, it’s about how to protect it and manage it properly so that it continues to grow and pass on to new generations – and not dwindle away. This is especially important for family businesses.
- Address taxation: Estate and other taxes are always a concern when you have assets or wealth and want to ensure it goes to your loved ones rather than the government. Legacy planning ensures that the tax burden is minimized and addressed from the start, to ensure you know exactly what will happen and have the peace of mind that comes from knowing you r heirs will benefit as much as possible.
Want to Find Out More About Legacy Planning? Speak to Your Estate Planning Attorney in NJ
At Sedita, Campisano and Campisano in New Jersey, estate planning attorney Frank Campisano is ready to assist you with all your estate planning needs – whether you need to make a business succession plan, Last Will and Testament, Power of Attorney, a Living trust or to minimize inheritance tax on your estate.
Contact us today and let us deliver expert estate planning advice to take care of all your wishes – whether your business is big or small. For more information, please visit our website at http://www.scclegal.com/