You should consider the entire legacy that you will be leaving behind to your loved ones when you are planning your estate. While it is important to make sure that you facilitate effective asset transfers, there are some additional things that you may want to take into consideration.
Family Heirlooms
They say that there are some things that money cannot buy, and your family heirlooms would certainly fall into this category. These items may or may not have extraordinary monetary value, but they have immeasurable sentimental value.
When you are planning your legacy, you should make sure that each of your family heirlooms is passed along to the appropriate caretaker.
Ethical Will
Ethical wills date back to biblical times. The ethical will is traditionally used to share moral and spiritual values with the family members that you will be leaving behind.
Your loved ones have invariably approached you seeking advice over the years. Though you will not always be there to provide guidance, your ethical will could serve as a set of rules to live by.
Charitable Giving
Your legacy plan may include acts of charitable giving. There are various different ways that you can lend your name to philanthropic efforts. One possibility would be the creation of a private family foundation.
You do not have to be a billionaire to create a foundation. In fact, the majority of the private foundations in the United States have operating budgets that do not exceed $1 million.
Donor advised funds are also popular among those who have philanthropic goals.
Campbell California Legacy Planning Consultation
Our firm offers free legacy planning consultations to people in the greater San Jose and Santa Cruz areas. If you would like to discuss your legacy plan with a licensed attorney, contact us through this website to schedule a consultation.
