What is the difference between Legacy Planning and Estate Planning?
There is a difference between Legacy Planning and Estate planning. Legacy Planning is a more holistic approach to Estate Planning.
Legacy Planning is the creation of a comprehensive plan to manage your wealth while you’re still alive, distributing your estate after death, and a clear path to pass on your legacy to your heirs.
In Forbes article, “Three Common Misconceptions About Legacy Planning,” Forbes writes that a proactive approach would be viewing “legacy planning” as the means by which you define and achieve the legacy you ultimately want to leave behind.
Legacy and estate planning touches every facet of our lives
Nothing is more important to you than your loved ones, and you care about their future. You work hard to provide for your loved ones, and think about retirement and how you’ll manage. At the end of the day, your loved ones are your legacy, but maybe you can afford to do something more for an important cause.
Every day, whether we know it or not, we are thinking about our legacy and the future. However, thinking about the future is not the same as formally planning for the future with a trusted, service-oriented legacy and estate planning attorney. The experienced legacy and estate planning attorneys at Altman & Associates offer decades of knowledge and compassion when you need counsel.
The Benefits of Planning
Too often, individuals only associate legacy and estate planning with death. It is true that having even a basic estate plan in place has significant benefits in the event that you pass away or become terminally injured.
It is also true that your family will save a significant amount of money and stress if you make arrangement for your affairs and, to the extent possible, limit the probate process. But legacy and estate planning is also about living your life to the fullest and maximizing your resources. Individuals are often unaware of other benefits of legacy and estate planning such as:
- Eliminating personal liability for business activity;
- Mitigating federal gift, estate, and generation-skipping taxes without loss of control or access;
- Funding charitable gifts now and after you pass;
- Establishing support systems for you or your loved ones in the event significant medical care or special needs care is required; and
- Providing legal and financial flexibility now, and a leaving a plan for the future which established peace of mind today.
Securing Your Future Through Experienced Counsel
Legacy and estate planning is a broad process with many considerations. Our team here at Altman & Associates has the knowledge and tools to simplify the process and provide unparalleled services. We have convenient office locations in Columbia, Rockville, Washington, D.C. and Northern Virginia. Contact us by phone at (301) 468-3220 or online to schedule a consultation.