Legacy Planning: Where to Begin
Do you have a basic estate plan, but are considering more? A Legacy Plan is a special estate plan that
allows you to leave a sense of who you are with a unique inheritance for your loved ones or funds to
help those who are less fortunate.
Determine Beneficiary Needs
First, you must determine the needs of your family members. Your Legacy Plan will provide flexibility to
help you meet those needs. With a Last Will and Testament, following the payment of all taxes and
expenses the inheritances are typically handed out as the final step in the estate settlement. In legacy
planning you can set up special arrangements such as Trusts tailored to each beneficiary. If you have a
loved one who may mismanage a lump sum inheritance, have divorce concerns or threats from
creditors, you can leave a Lifetime Trust to ensure your assets are protected and that individual has a
Decide What You Want to Leave
Once you have decided the needs of your family, you can choose the amount to leave to each heir and
how it will be distributed. If your finances are enough to substantially provide for each beneficiary with
funds left over, you can leave additional monies to future generations through a Dynasty Trust. With
such a Trust your family money can assist decedents you may never meet.
Make It Unique
Once you have considered the financial side of your legacy plan, you can find ways to make your
arrangements unique. Write a memoir or family history to be given to your loved ones upon your death.
For a more personal touch, record a message – audio or video - to each loved one with life advice or
memories you have shared.
Choose a Charity to Assist
Providing funds for a charity can help you to share your legacy with your community. A popular way to
do this is through a Charitable Trust. Such a Trust will help others after your death and provide your
family with a break from some or all estate taxes on the portion given to the charity.
Experienced estate planning attorneys Oklahoma City OK of the Parman and Easterday offers estate
planning and business planning resources to residents of Oklahoma City OK. To learn more about these
free resources, please visit http://www.parmanlaw.com/. today