Legacy Planning Lawyer in Worcester Helping You Pass Down the Values You Hold Dear 

While most of us will leave our personal property and whatever funds we have saved to our family after we are gone, only a few of us will truly leave a legacy. The terms estate planning and legacy planning are sometimes used interchangeably, but they are not exactly the same thing. Estate planning involves the transfer of assets to heirs, but legacy planning is more concerned with the transfer of values from one generation to the next. You may wonder how passing down values could involve legal documents or an attorney. It’s a great question and one we will answer below.

If you are interested in passing down more than just dollars and cents to your heirs, call our experienced Worcester legacy planning lawyer today at (774) 366-3688 to learn more about the legacy planning process.

How Are Estate Planning and Legacy Planning Different? 

Estate plans and legacy plans both addresses the distribution of assets upon a person’s death. Only a legacy plan, however, addresses how those assets might be put to use in ways that support the values of the deceased person who amassed the assets through their hard work and the belief system they espoused. An estate plan might leave a sum of money to the deceased person’s child, and that child could use the money in any way they choose, even if what they choose to use it on would be something that the decedent would not approve of.

In a legacy plan, however, the funds can be directed to activities and purchases that the decedent has approved while alive. For example, a person who inherits through an estate plan might spend the money they receive on drugs, or gambling, even if they knew that the relative who gave them the funds would not approve. With a legacy plan, however, the relative in question could have used a legacy plan to restrict the money to be used only for education or could have released only a certain portion of the full amount each year, instead of the lump sum all at once, for example. A legacy plan could also restrict the heir from receiving the funds until they reach a certain age, while a basic will could not.

Why Do I Need a Legacy Plan?

For high net worth individuals, estate planning can often focus on how to maximize the wealth that heirs will inherit through tax planning. Have you considered, however, whether your heirs are prepared to handle the wealth they will inherit? A legacy plan can provide financial education for family members who might need it, but that is only the beginning of what a legacy plan can do. A legacy plan can help younger generations understand how to carry on the values and traditions that your family has established, possibly over generations, and can ensure that the assets you have worked hard to earn and maintain are not used in ways that don’t align with those values. This is usually a collaborative process between family members and an experienced legacy planning attorney, who can guide the process in the way that best suits your needs. We can help to facilitate these sometimes delicate conversations, guiding family members toward a plan that all understand and can get on board with.

Can Legacy Planning Extend Beyond Family? 

For many high-net-worth individuals, the legacy they hope to leave extends far beyond their own family into charitable and philanthropic giving. Funding scholarships, foundations, endowments, or other philanthropic financial vehicles can extend your legacy far beyond your family. In this way, you can have a positive impact on your community, your country, or even the world. The Law Office of Polly Tatum will listen to your goals and help you craft a legacy plan that can bring your visions into reality. We will assist you in clarifying your goals, determining what wealth and success mean to you, and drafting a plan that attaches meaning to the wealth you have worked hard to create. Whether your philanthropic plan involves charitable giving, philanthropic investment, or strategic philanthropy to advance a change you would like to see, The Law Office of Polly Tatum can help you realize your vision.

Why Choose The Law Office of Polly Tatum? 

Getting to a position of wealth and success does not happen without a clear set of values, a strong belief system, and a strong character. You have more to pass on than money, and a solid legacy plan can ensure that you leave something behind that can carry your beliefs, values, and character far into the future, even after you are gone. At The Law Office of Polly Tatum, we pride ourselves on listening carefully, facilitating meaningful dialog, and helping clients achieve their dreams.

 

Whether your goals are to install guardrails to assist your heirs in managing their inherited wealth, transmit longstanding family values and traditions to them, or extend your legacy into philanthropic giving, we are here to ensure that your plans go forward as you envision them to extend your legacy beyond your time on this earth.

The Law Office of Polly Tatum has assisted clients for over 24 years, and we are here to support you every step of the way. Our experience and knowledge in estate and legacy planning allow us to assist you and your family with these important pieces of planning. We want you to have the peace of mind of knowing that the future is secure.  Contact us today at (774) 366-3688 to schedule a consultation with our experienced Worcester estate planning lawyer.