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Legacy Planning Services near Rockaway

There are only 4 places your money can go after God makes you an angel –

  • Your Family
  • The Government
  • The Hospital or Nursing Home
  • Charity

Who would you rather everything go to? A philosopher once said, “The reason grandparents and grandchildren get along so well is they have a common enemy.” So, if not for your kids, do it for your grandkids.

Legacy planning can help ensure that your financial wishes are met, help you and your heirs avoid excessive taxes, and ensure that you can retire comfortably and pay for long-term care should you need it. This expert financial planning service is more than just drafting a simple will, but many people just like you may not know they need it.

Legacy planning is a valuable service that can benefit you, no matter how many or few assets you have.

<b>What Does Legacy Planning Mean?</b>

What Does Legacy Planning Mean?

Legacy planning involves a financial strategy to bequeath your assets to your heirs. It's usually conducted with a financial advisor, who can get to know your situation and talk about potential scenarios that can affect your heirs after you pass. Legacy planning deals with all your personal assets and business interests. Without something in writing like a will and legacy plan, your wishes may not be honored after you pass.

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What Is the Difference Between a Will and Estate Planning?

A will is a legal document that details where your assets go after your death, and if you have minor children, you can plan for their guardianship in case you pass away. An estate plan, by contrast, is a comprehensive plan that covers your wishes for your estate both during your lifetime and after your death. It's comprised of several documents and can include documents that cover your personal health wishes such as:

  • A healthcare power of attorney, which designates someone to make healthcare decisions on your behalf in the event you're unable to advocate for yourself.
  • Durable power of attorney, which allows an agent to handle your finances (Note that this doesn't have to be a family member). 
  • Advanced directive, or "living will," which notes your decisions about life-prolonging treatment.
  • Living trusts, which can arrange for your bills or long term care fees to be paid if you are unable to handle your own finances.
  • Life insurance trust, which removes life insurance policies from an estate and allows the beneficiaries to receive a death benefit without income or estate (death) taxes.
  • Special needs trust, which allows for the additional protections for a beneficiary that may have special needs and receives government assistance or is incapable of handling their own financial affairs.
  • Charitable trusts, which can benefit the charity(ies) of your choosing during your lifetime and or after death.

Is Estate Planning the Same as Probate?

The term probate is simply the act that makes a will or trust enforceable in a court of law. On the other hand, estate planning is the financial plan that documents your choices for healthcare, a trust to pay for your long-term care, and a will that ensures the proper disposal of your estate.

How Can Legacy Planning Help My Small Business?

Legacy planning can help business owners ensure that their wishes for succession after they retire or pass are honored. If you have a mentee or a partner that you wish to have your share of the business, legacy planning can help create documents that ensure that the right person receives your share of the business. This may also include your heirs being compensated for the value of the business which might pass outside of the family.

Schedule a Consultation With a Financial Planner Today!

Most individual retirement accounts may be converted to Roth IRAs. These can include not just the traditional IRA that you set up for yourself, but also any qualified employer plans, including 401K accounts, 403(b)s, and governmental 457(b)s. These may all be eligible for conversion and you should consult a professional before doing any conversions from these plans, especially if you have unusual employment circumstances.