If you are thinking ahead about your future, you may wonder about the difference between estate planning vs legacy planning. While with estate planning and legacy planning involve thinking ahead about what will happen after you pass on, there are important differences between the two processes that you should think about when you decide what approach you want to take towards putting plans in place.
Mark S. Eghrari & Associates, PLLC can provide you with help. We can explain the difference between estate planning vs. legacy planning and can work closely with you to make the plans most appropriate to your specific situation. We understand how important it is for you to leave your mark on the world, protect your assets and provide for the people you love — and we will work with you to make effective use of the legal tools that you need to accomplish your goals and objectives. To find out more about the help our compassionate and knowledgeable legal team can provide to you, give us a call today.
What’s the Difference Between Estate Planning vs Legacy Planning?
Both estate planning and legacy planning can involve deciding what happens to assets after death, making a last will and testament, and planning for end of life issues. However, legacy planning tends to take a much more holistic approach to putting plans in place, rather than just taking steps to ensure you are able to transfer assets to desired heirs or beneficiaries after you are gone.
When you make a legacy plan, you think about the things that you want to leave behind and the way that you want to be remembered. You may decide that you want to create a charitable foundation, for example, so you can ensure your philanthropic efforts are able to continue long after you are gone. Or, you may decide that you hope to create a trust to pay for all of your grandchildren and great grandchildren to attend the college of their choosing so they never end up with educational debt.
Legacy planning can involve using more advanced tools to accomplish these different objectives, such as various types of trusts. It can also involve taking steps to make sure a business you created is able to pass seamlessly onto new owners and continue operating after you are gone. And, it can involve making special plans for family heirlooms or taking other tactics to make certain that your family history is not forgotten such as making a video recording your memories of the past.
Both legacy planning and estate planning are important, but if you are particularly concerned about the ways your family and your community will remember you after you are gone, it can be beneficial to take the time to work with an attorney and make a legacy plan.
Getting Help from a Legacy Planning Lawyer
A legacy planning lawyer at Mark S. Eghrari & Associates, PLLC can help you to make a comprehensive legacy plan or a simple estate plan depending upon your needs and your family’s needs. With every client we represent, we customize our process to help you accomplish your goals. We can assist you with exploring a full array of solutions and can help you to use the legal tools that you need to achieve your dreams regarding the mark you want to leave on the world.
To find out more about how our firm can help you with all of the legal issues related to legacy planning, join us for a free seminar. You can also give us a call at (631) 265-0599 or contact us online to start working on your personalized estate plan.