Your legacy is the lasting mark that you leave on the world. You will be remembered whether you are leaving behind a large estate or a small estate. Therefore, how do you want to be remembered? Legacy planning is a lifetime process that starts when you are young. Hopefully you will make smart financial choices during your lifetime so that your assets will grow over time. Then as you get older, legacy planning shifts to making plans for how those assets will take care of you throughout your lifetime, including during your retirement and non-working years. Then lastly, your legacy planning will be about how you want those assets to transfer and what you will do with the money you have accumulated over your lifetime.
The Probate Law Firm provides legacy planning services throughout all stages of your life. Our firm can help you make smart and strategic choices that will help you secure your legacy. We would encourage you to call us at 305-456-3255 for advice specific to your situation and to get answers to some of the most frequently asked questions such as:
- What does legacy planning mean?
- Does everyone need to plan for their legacy?
- How can a Florida legacy planning attorney help?
What Does Legacy Planning Mean?
Legacy planning means several different things. First, it is about accumulating assets. You work most of your life and during that time you might purchase a home, invest in the stock market, or own a successful business. Ultimately, you are doing things that allow you to live life on your terms. As you age, you may wish to scale down how much you work, or you may be forced to scale down how much you work because of your age or medical condition. Either way, you know that at some point you will not be working as long and as hard as you did in your younger years.
Therefore, legacy planning becomes about preserving the assets you have accumulated so that you can maintain your lifestyle or at a minimum, not live a less comfortable life than you were used to. So legacy planning shifts from accumulation of assets to protecting the assets that you have.
And lastly, legacy planning includes planning for what will happen with your assets after you pass away. We know that we cannot take our stuff with us when we go so, we need to plan for what will happen with our stuff. This third part of legacy planning involves strategizing and planning for what you would like to see happen after your passing.
Does Everyone Need to Plan for Their Legacy?
One fact of life we know is that we are all going to die. It is not something we like to think about, but we know it to be true. Once we really accept that, then we must think about what we want to happen with all our assets after we pass away.
You have likely spent a lifetime working and accumulating assets. This could be a small or large amount. You might just be getting started on your journey and have very little in terms of money, but you might children under the age of 18. Maybe you are getting a little older and are getting concerned about how you are going to be able to pay your medical bills and you are unsure if you have enough money to cover the high costs of living in a nursing home or assisted living facility. Do you have a business that you want to make sure your kids take over? Are you involved with a charity and want to see that the charity continue its good work after you are gone?
Legacy planning involves so many different factors that regardless of your age or financial situation, everyone needs to do some sort of legacy planning.
How can a Florida Legacy Planning Attorney Help?
A Florida legacy planning attorney can be your trusted advisor to help you navigate and plan for the various aspects involved in legacy planning. The team at The Probate Law Firm will work with you no matter what stage of life you are in. We can help you come up with strategies that will help you protect your hard-earned money and ensure that you all your ducks are in a row so that your money is not eaten up by enormous hospital bills. We can help you come up with a plan that makes sure you get to live life on your terms. And we can discuss how you want to be remembered and what you would like to see happen after you pass away. This could include giving money to a charity, making sure that your loved ones do not have to go through the probate process or at a minimum, reduce the stress that your passing will put on your family by not having your affairs in order.
Give us a call at 305-456-3255 so you can start planning your legacy today!