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Jamie Letcher
VP, Wealth Management
Summit Financial Advisors
Located at Summit Credit Union
401 S. Yellowstone Drive
Madison, WI 53719
Phone: 608-271-1012
Email: james.letcher@lpl.com
November/December 2023
Passing on Your Legacy
While most affluent families may be familiar with estate planning, they might not communicate much more than hopes about how their heirs will use their financial legacies. But estate planning can help turn those hopes into realized dreams. It is one way to give specific directions about how you would like to see your financial legacy live on.
Cover the Basics First
Before drafting a plan or even a simple statement to guide your decisions, work with an estate planning attorney to make sure you have the legal documents necessary to protect and pass on your assets. Also, consider consulting your financial and tax professionals to make sure you have the assets necessary to continue your legacy.Remember, too, that estate planning is about more than how you'll pass on assets. In addition to a will and estate plan, you'll need a trio of legal documents. First is an advanced directive, which details the extent of life-saving medical care you want should you no longer be able to speak for yourself. The next two are powers of attorney for healthcare and financial affairs. These empower those you name with the legal right to make financial or healthcare decisions for you if you can't.
The Estate Planning Process
- Identify Objectives, Heirs & Father Financial Information
- Strategize with Estate Planning Attorney & Financial Professional
- Review Recommendations & Discuss with Heirs
- Finalize and Implement Plan
- Monitor & Update Plan as Necessary
Once you've completed these first steps and have an accounting of all your assets and how they will be distributed, have a conversation - or multiple conversations, if necessary - with involved parties to develop a written statement outlining how your legacy will continue after you're gone.
While your estate plan may dictate how assets are transferred, you may decide to include your children in determining where and how. Perhaps you’ll create a foundation or use donor-advised funds from which you’ll contribute to a favored charity. Who will continue your charitable endeavors, and how? Do your heirs agree with this strategy?
And, while some people may hesitate to give their children free reign with inherited financial assets fearing they may waste their inheritance, you can put some guardrails in place with a spendthrift trust. This type of trust can delay asset transfer until a later age or parcel assets out gradually, helping to ensure loved ones are responsible with their inherited assets.
To learn more about how you can pass on both your assets and legacy, talk to your estate planning attorney, tax advisor and financial professional.
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