Why Think About Your Legacy?
|
When most people think about estate planning, they think of it as something they should do, but don't find it something they want to do.
Some people are able to prioritize the "should do." If you are that person, you probably already have an estate plan, and if you are reading this at all you are likely reading it for somebody else. Most of us, however, put the "should but don't want to" items at the end of the list, at least until something happens that makes them urgent. When it comes to making an estate plan, the idea of planning your own demise can be understandably depressing. This can feel different, though, if you think about planning as your legacy, and the opportunity to maximize the impact your life can have for your loved ones. This could be what they can do and accomplish with the assets you leave them. It could be the simple but powerful legacy of leaving your family with a clear road map for your estate so that they can move forward without unnecessary conflict or confusion. The Impact of Protecting Your LegacyAn asset like real property in Massachusetts could be worth several hundred thousand dollars. Even if all you have to leave to your heirs is your home, you could be giving them a significant leg up on whatever their goals in life are. Perhaps your adult children could make a down payment on their first house. Or perhaps this gives them the ability to at least begin paying for your grandchildren's college education.
If you own an asset that you want to keep in your family, such as a farm, family home, or business, a plan that either avoids estate taxes or gives your heirs some liquid assets to take care of those obligations can ensure that they do not have to sell this potentially priceless asset upon your passing. Which in turn means that they can enjoy and use it as you intended. If you have substantial assets to leave to your heirs, allow yourself to imagine what your children and grandchildren might be able to accomplish with that legacy left intact. That could be starting their own business, solving a problem they are passionate about, investing to make sure the legacy you left them grows into a legacy for their own children. Not all legacies are tangible. Sometimes your true legacy involves the values and connections you established in your family. In that case, planning is still relevant. Imagine your family knowing exactly what your wishes are, being able to immediately take care of the things that need to be taken care of without being bogged down in probate court, and being able to move forward in a difficult time without fights or conflict. How to Protect Your LegacyMaximize what your loved ones get to keep: the more you can protect your assets from taxes and the cost of long term care, the bigger impact you can have on the lives of your surviving family members. A proper estate plan can help minimize or avoid Massachusetts estate taxes, which can significantly increase the value left to your heirs. We can also help protect assets from state Medicaid liens in the event you or your spouse need to seek assistance with the cost of long term care.
Minimize the need for your family to go to court: just having a will does not mean your family will not have to go to probate court. The will must be approved through the probate process, and your personal representative approved by the court before he or she can begin taking care of the assets in your estate. Many families are surprised to learn that even though their parent had a will, they still need to go through this process. A well done estate plan can ensure that at least some of your assets are immediately available through the use of a trust. We can also help you create an "immediately after" plan through the use of bank accounts held jointly with your personal representative, to ensure that there are funds to take care of final expenses as well as other basic expenses for the months it could take to get court appointment of your representative. Protect family assets from creditors: if there is something that you mean specifically to stay in your family (think family home, farm, business), the minute your heirs inherit an interest in that asset, it becomes available to their creditors. It can also become joint property with their spouse, which means that upon your heir's death, or if they divorce, that asset can move outside the family. This is not something you can prevent with a will alone. The will only controls how your assets are distributed on your passing- it cannot look into the future and control how those assets are handled as your heirs go through other life changes. To do that, you need to create a trust that can be designed to meet your specific needs and wishes. |
Need Help With Your Estate Plan?
Jenna Ordway
Rated by Super Lawyers loading ... Testimonials
"Slnlaw did a fantastic job.... Their attorneys were very friendly and knowledgeable, and I never felt pressured to purchase any service. I would definitely recommend them!" Michael S. "It was a pleasure working with with Emily Smith-Lee... She willingly shares her expertise and always listens to her clients' concerns. Emily's caring demeanor puts people at ease immediately. The outcome of my experience was quite favorable. I would highly recommend them." Camille B. "SLN Law was prompt, courteous and very professional. Emily responded quickly to my request, was very knowledgeable on the topic I needed help with and provided reasonable, sound advice. I would definitely recommend this law firm to others and would use them again, if needed." E.C. "From my first conversation with Emily, I knew I had picked the right law firm to handle my Estate Plan after having procrastinated for some time before I decided it was time to get my estate in order. Previously, I spoke with a couple other lawyers and I did not feel comfortable with their approach prior to calling Emily. Jenna did an excellent job in assessing what I wanted to accomplish and completed my will, trust and other documents in a very short time. I am so happy I made the right choice in choosing slnlaw as my estate team.." Evelyn W. Read more on our reviews page |
How We Can Help
Whatever it looks like, however big or small, tangible or intangible, you have built a legacy. Whether it is a spouse, children, grandchildren, or other people you care about, you have loved ones whose lives will be improved by your careful stewardship of that legacy. We are ready to help. We have a simple process for getting you from wherever you are now to executed and final documents. It starts with an initial consultation, which is absolutely free. You can use the button below to schedule your consultation, or simply give us a call at 781-784-2322, or fill out our web form.
