For most people, estate planning is about caring for their children and spouse. This is how they leave a legacy behind them. Just because you have no children or spouse doesn't mean you cannot leave a legacy when you pass away. Not sure how to do this? Here are five key ways.
1. Work With a Pro
Professional estate planners have worked with people in all types of situations. They not only help parents and spouses create legacy plans, but they also have aided other single individuals craft their own. They can help you find ways to honor your own interests and can offer solutions you may not be familiar with, such as a trust.
2. Maximize Charitable Giving
One of the more popular—and practical—ways to leave a legacy is through charitable giving within your estate. Maximize the impact of your charitable efforts to create the biggest legacy you can. This may be through a strategy of giving to many different causes or it may involve focusing on one cause and giving a more impactful amount.
3. Care For Yourself
It may seem self-interested, but one part of leaving a legacy is to care for your own needs first. By providing for your own retirement, medical care, and final expenses, you leave a legacy of planning and forethought. You also avoid taking away from other individuals. Start by working with your estate planner to ensure you have all the proper end-of-life and power of attorney documents in place.
4. Consider Giving in Advance
You don't have to wait until you pass away in order to be generous with your estate. Why not include more charitable giving or gifting to individuals who you love starting right now? Advance gifting can help reduce income taxes now and ensure your estate doesn't pay taxes later. Additionally, you can enjoy giving your money to good causes while around to see it.
5. Use Legal Tools
Modern legal tools and financial vehicles help you design just the right legacy. Trusts, for instance, protect your interests and money while making sure that money is given out per your wishes later. A foundation could provide a method for ongoing giving even long after you're gone. There are also many different ways to give assets both now and after you die that can maximize charitable activities for many years.
Clearly, you have a variety of methods for ensuring that your memory is honored and respected after you're gone. No matter whether you want to give to loved ones or institutions and when you want to do the giving, an estate plan is vital to this effort. Contact an estate planning service, such as https://www.linskylaw.com, for more information.
Share12 October 2020
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