Over the course of your life you may have seen a car with a bumper sticker that says something like “We are busy spending our children’s inheritances.” This is the mentality of some people when it comes to estate planning. They figure their estates will be comprised of whatever happens to be left over after they pass away.
However, there are others who take a different approach. They actually have certain things in mind that they want to be able to do for their loved ones. For example, many people recognize the value of higher education. Some of them are very passionate about making sure that future generations of their family will be able to attend college. Others have certain monetary figures in mind, and some own a business that they would like to keep in the family.
These are just a handful of examples but there are countless objectives that different people have regarding their legacies. With this in mind it is a good idea to ask yourself if you have specific legacy goals. If you do, you may not know exactly how to begin in an effort to reach these objectives. The wise course of action in this regard is to arrange for a consultation with an experienced estate planning attorney. He or she will listen attentively as you explain your goals and help you create a plan that leads to their fruition.
Your legacy is something that you can look at in a number of different ways. If you’re one of those who takes the matter seriously, you can achieve a lot for your loved ones if you engage in careful planning and exercise the discipline that it takes to stay the course.
John’s practice focuses on the use of Wills and Living Trusts in Estate Planning to help individuals protect their families and preserve their legacies after their deaths, but his practice also focuses on the critical issues of protecting individuals with dementia or other diminished capacity, assisting individuals in qualifying for Medicaid and other government benefits to offset the costs of long-term care, and providing special needs planning.
John is admitted to practice law in North Carolina, South Carolina, Kentucky, and Ohio, and he is accredited by the Department of Veterans Affairs.
- What You Need to Know about the Medicaid Look-Back Rule - January 3, 2023
- How to Pass Down Your Legacy in Your Estate Plan - October 3, 2022
- Practical Steps to Take after Receiving a Terminal Diagnosis - September 30, 2022
