Articles Tagged with Legacy Planning

9.25.18The old saying that the first generation builds the business, the second generation struggles to maintain it and the third squanders everything, is sadly, statistically true. However, creating a legacy might give you better odds of success.

If you’ve been responsible and had an estate plan created, you are way ahead of most of your peers. You’ve planned for your family and your heirs with a will, powers of attorney, an advanced directive and likely created the appropriate trusts to hold life insurance policies to minimize estate taxes and protect the proceeds from creditors. You may have even done some succession planning, using family trusts and other planning vehicles. However, will this be enough for a lasting legacy?

Forbes’ recent article, “How To Turn Your Estate Plan Into A Legacy Plan,” says that perhaps you’ve heard that legacy planning is the solution to your problem.  However, you are worried about the expense. If you create a legacy plan, does it mean you’ve wasted time and money? No, it doesn’t. The documents you’ve already prepared for estate planning can most likely be used and incorporated into a more effective legacy plan. Let’s look at how to turn an estate plan into a legacy plan.

7.14.16Consider the amount of time you spend on planning a one-week vacation. You’ll want to spend more time on planning your eternal resting place.

A local television station in Sarasota, Florida aired a news story about a cemetery where the grass and weeds were so overgrown they sparked complaints from local residents walking their dog near the property. As a result, according to a WTSP 10 News report, “Protecting your loved ones last resting place,” Sarasota Memorial Park was told by county code officials to bring the grounds up to code or be fined. Not long after the news report aired, workers were seen doing maintenance on the grounds.

The people who had called to complain even called on volunteers to mow Sarasota Memorial Park. They mowed a section one morning until they were told to leave. However, their complaint to the County Code Enforcement Department resulted in a warning to the cemetery property owners. They were ordered to clean up the cemetery or face a notice of violation and fines.

Sunlit forestUpon British actor and director Lord Richard Attenborough's death, the value of his estate and his last wishes were made public via his will.  His estate in the United Kingdom was worth approximately £1.5 million, not including the value of any assets held in trust or any foreign assets.

However, his will also revealed that Attenborough requested that his body be cremated.

His wish was that one-third of his remains be placed at his Scottish estate and another third be taken to an estate in France. The final third of his remains he wants intermingled with the remains of his daughter and granddaughter at a church near Attenborough's estate in the UK.

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