Legacy planning is about more than deciding who gets what after you pass away. It’s about ensuring that your wishes are carried out, your loved ones are taken care of, and your legacy is protected. Here are the essential components of a solid legacy plan.

1. Create a Will and Trust

A will is the foundation of your estate plan and outlines how your assets will be distributed. However, creating a trust can offer additional benefits, such as avoiding probate and ensuring privacy. A revocable trust allows you to maintain control over your assets during your lifetime and can be easily updated as your circumstances change.

2. Help Minimize Estate Taxes

One of the key goals of legacy planning is to help minimize taxes so that more of your assets are passed on to your heirs. Strategies include:

• Using gifting strategies to distribute assets during your lifetime.
• Creating irrevocable trusts to remove assets from your taxable estate.

3. Help Protect Your Loved Ones

Beyond financial considerations, legacy planning also ensures that your loved ones are cared for. This includes naming a guardian for minor children and setting up durable powers of attorney to manage your affairs if you become incapacitated.

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Resources:

• American Bar Association: Estate planning basics and resources: americanbar.org
• Nolo: Comprehensive estate planning guides and tools: nolo.com

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