In our firm, we focus on more than just the physical assets that will be passed on when someone dies. We do a great job with those, but we also believe a well-rounded estate plan includes more. Namely, we find that the majority of our clients wish to pass their wisdom (at least in part) along with their wealth. We call that legacy planning. That’s the focus of this article.
From our introductory workshop (The Truth About Estate Planning™ workshop, attended by all prospective clients) to the final appointment of our design process, to annual client meetings, our clients have probably heard our attorneys mention more than once that they should take care to pass on their values and wisdom along with their wealth. I have a feeling, however, that some may still ask the question, “Why?”
Helping our clients empower their legacy is one of my favorite parts of working at the The Estate Planning Center, because it’s an often overlooked, vital component of a plan that works; namely, a plan that does all the good it can do. A plan that “does all the good it can” doesn’t just mean asset protections and estate tax savings; it also means passing one of life’s toughest assets to gain: wisdom.
I am thoroughly persuaded that it is better to give than to receive. As much as that applies to temporal things, I believe it applies all the more to our love, values, and the truth of life. I encourage anyone reading this article to ask yourself the following questions as you are exploring your estate planning journey. Furthermore, for any attorney you’re thinking of working with, when you’re interviewing them to see if they’re the right fit for you (and you should do that!), ask them what their approach to legacy planning is, and compare how they treat passing on your values with what you hope to achieve through your estate plan.
Consider the following:
- What will carry your loved ones through this life? Will your physical assets achieve this alone, or should some guidance, values, and understanding be provided in your plan to help your loved ones make wise decisions what what they inherit, so that it can provide for them beyond just the first few years?
- What will your loved ones take with them when they exit this life? Will they have the wisdom to build on what you’ve left them, so there’s an inheritance to leave to future generations? More importantly, do they know how to prepare themselves for eternity?
When most people think of estate planning, they don’t think of the discussion ever surrounding these topics. In our practice, these questions are asked in several ways, at various points in the LifeSpan™ planning process. We believe your estate plan can and should do more than just save taxes or just avoid probate. We do those things, and do them really well. However, there’s more good to be done, and we want to help you achieve that as well.
Interested in working with us? Click here to register for a complimentary, introductory workshop.
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