Art of an Estate Plan
Estate Planning For The Future Generation
Estate planning is the process by which an individual or family arranges the transfer of assets. An estate plan aims to preserve the maximum amount of wealth possible for the intended beneficiaries. Directive and Beneficiary Designation. The difference between a will, and an estate plan is that an estate plan is a broader plan of action for your assets that may apply during your life as well as after your death. A will, on the other hand, dictates where your assets will go after you die, who will be the guardian of your children and more. What is the impact you wish to leave behind? What is your legacy? Prepare the next generation with ideas from Amida Wealth transfer strategies.
Estate Planning For Your Legacy
The definition of “Legacy” is something that is passed on. But Legacy can take many forms. A Legacy may be of one’s faith, ethics and core values. A Legacy may be monetary or your assets, it may come from one’s character, reputation and the life you lead. The impact that you leave behind, and what you want to be remembered by, is what your estate plan represents for future generations. This is what a true legacy plan is about. In other words, when you are no longer here what is the legacy you want to leave behind? This is what we are planning for when we are doing estate planning.
The Estate Plan Legacy You Leave Behind
The greatest legacy anyone can leave behind is to positively impact the lives of others. Whenever you add value to other people’s lives, you are unknowingly leaving footprints on the sands of time that live on, even after your body leaves this earth. This is why the estate plan that you create for future generations, will leave a great impact on your family. Plan with integrity, and plan with purpose. Create a plan that fuels creativity and inspiration. One that encourages love and the energy of expansion. Wealth is a mindset that you can share and inspire your family with. Through your intentional plan, you become a mentor to your family. You pass on your knowledge through intentional strategy, and you share your lessons. Lastly, you leave love behind. In other words, be the change you wish to see.
Here is a list of thoughts to consider:
If you have a partner, be sure to ask each other these questions:
- What legacy/lessons do I want to leave behind to those I love?
- What is the value of money to me?
- What lessons/values would I love to leave behind?
- What role does money play in that?
- What role do I want money to play in those I love once I leave?
- How would I like my assets to pass on?
- How important is it for it to be a smooth transition of assets when I leave?
- Who do I want to leave my money to? How important is this?
- If children are minor, who will take care of them? Emotionally and financially?
- If pets, who will care for them?
- If you have a business, what would I want to see happen there?
- Who will manage all of my assets if something happens to me or/and after I am no longer here?
- Who will make medical and financial decisions if I am seriously injured?
- Can I create a seamless process, that will involve peace for the ones I love?
Amida Wealth Family Conversations
At your next family or friends gathering encourage the topic of estate planning. Have your family and friends considered the legacy they want to leave behind? Do they know what estate planning is? Oftentimes, people may hear of tragic stories when estate planning is not taken into action. As a result, the family struggles with heart-ache and financial struggles. In other words, the previous generation did not know about the value of estate planning. Be the change you wish to see. Encourage those around you to think ahead, and think about the legacy they want to leave behind. They may not know about estate planning from their previous generation. However, you can share your own knowledge and insight about the importance that their legacy will be.
In conclusion, estate planning is the legacy you wish to leave behind. It is about clarity and intention. It provides love for the future generations. A seamless process of energy exchange, that provides mentorship and integrity. Clarify your values and be sure to work with an estate attorney at Amida Wealth that understands those values. Additionally, taxes planning is very important when transferring wealth so, be sure to work with your advisor, tax and estate planner. You are never alone – we are just a call or email away to help you through this process!