Many of us haven’t been able to see our family members this summer due to Covid-19. For now, family get-togethers and vacations have been put on hold, but there are still ways for us to connect and be there for each other.
2020 has given all of us more time to think about our past, present and future. We have become aware of how fragile health is and how life for everyone on earth can change overnight. It seems a particularly poignant time to think about leaving a legacy. Here are a few ways to discuss legacy with your family.
What Does a Legacy Mean to You?
The first step in legacy planning is thinking about how you would like to be remembered? What kind of contribution can you make to the world which would have both an impact now and perhaps for generations? Remember what positive actions your predecessors modeled and you admired. What values, morals and beliefs do you embrace? Is family time at the top of your list? What about kindness, education and doing for others? Does your family share these values? By being intentional, honest and mindful of who you are and what is important to you, planning a legacy will be easier and more meaningful.
Creating a Legacy
Legacy and Estate planning are similar and often interchangeable. Legacy planning allows you to bring your human side to the table. It’s an opportunity to continue setting the examples which made you successful, sharing with your family how much you care about them and being deliberate with your financial actions for the future.
Charitable giving often becomes an important component of legacy planning. Common ways to accomplish this include one-time gifts, charitable remainder trusts and even creating a charitable foundation. Any and all charitable contributions are appreciated and giving feels good for everyone. When thinking about a potential impact, consider places of worship, the environment, feeding the hungry, education, the arts, animals or any other cause which calls your name and is close to your heart.
Estate planning is the mechanical process of generating all the documents needed to distribute your assets. Some of the required documents include the creation and execution of wills, varied trusts, medicaid, tax and probate avoidance, life insurance, etc. The purpose is to distribute your assets to your beneficiaries in the most efficient and effective way possible. An inventory is necessary which counts savings, checking, investment accounts, real estate, jewelry, life insurance policies, etc. Listing account numbers, passwords, and contact information would be helpful to your family or beneficiaries along with knowing where to find these documents.
Next, you are ready to prepare a list of goals, target individuals and organizations, while understanding the value of assets available. Make an attempt to allocate dollars or items to each of your desired recipients. To help you organize See Checklist for Life Book.
Make Your Legacy Call Today!
No one knows how long they will live, and it’s a difficult subject to address. We always hear, we wish we had done this sooner. Once you complete your Legacy and/or Estate planning you can carry on with life while checking off a crucial part of your financial planning. Regardless of the size of your estate, Cowen Tax Advisory Group is here to help you turn your legacy goals into a distribution plan for your loved ones in the future. Call us today in West Hartford at 860-676-1100 or visit our Website contact form.
