Legacy planning is a process everyone should do so they can provide an inheritance to loved ones and so they can support charities they care to help. You can begin your legacy planning process when you are young so you can make smart financial choices during your lifetime to grow and protect your wealth. As you get older, making plans for how assets will transfer and what to do with your money will also become increasingly important.
Frank & Kraft provides legacy planning services throughout your lifetime. Whether you are young or old, and no matter how much wealth you currently have, we can help you to make the smart and strategic choices you need to secure your legacy. Call us today at 317-684-1100 for advice specific to your situation and to get answers to general questions including:
- What is involved with legacy planning?
- Why is legacy planning important?
- How can an Indianapolis legacy planning lawyer help you?
What is Involved with Legacy Planning?
There are three primary stages to legacy planning:
- Building wealth and acquiring assets
- Protecting your assets
- Planning for the transfer of your wealth to people you care about and causes you support
An experienced Indianapolis legacy planning lawyer can provide assistance with with all three steps.
An attorney can help you to develop a plan for how much money to invest at all phases of your life. Your lawyer can also help you to automate your savings plan to make it easier to save, and can provide advice on maximizing tax breaks you get for saving in certain types of accounts, like IRAs. If you are hoping to build wealth through creating a business, your lawyer can even assist with all of the legal issues that creates for you.
Once you have acquired money or property, you must ensure you take steps to protect it. The use of special accounts like IRAs can help to keep your money safe, even in case of bankruptcy. However, there are also other steps you need to take to make sure your money and property are not lost. You may need to incorporate your business to protect personal assets; to use trusts to make sure you don’t end up losing money if you have to pay nursing home bills; and to name someone to manage your investments in case you become incapacitated.
Finally, your last step in legacy planning is making sure your business, your money, your property, and all of your assets can be transferred in the best possible way. If your goal is to support a charity, for example, you may wish to consider the creation of a charitable foundation or the use of charitable remainder trusts. If you are hoping to provide for your loved ones, your focus may be on avoiding estate taxes. If you have a company, business succession issues may matter most to you.
Because everyone’s situation is unique to them, your legacy plan is going to look different than anyone else’s. You need to get the personalized advice required to make sure your plan is a good one so you can leave your mark on the world.
Why is Legacy Planning Important?
Legacy planning is important because you want the mark you leave on the world to be a good one. You don’t want to be remembered for family fighting over your assets, nor do you want to end up with your assets all wiped out because you needed to pay for costly nursing home care in your old age.
Unless you make a plan to control your own legacy, fate and destiny may conspire against you so you leave nothing behind or so your legacy is one of stress for your family who is forced to go to court to address your end-of-life issues.
You can make a positive impact on the world, no matter how much money you make or who your loved ones are, if you simply take the time to make a plan. You owe it to yourself to have something to show for your lifetime of hard work, and legacy planning gives you the tools to control your own fate.
How can an Indianapolis Legacy Planning Lawyer Help You?
If you are ready to make a legacy plan that will allow you to leave the world a better place than you found it, get started today. Contact Frank & Kraft to talk with an Indianapolis legacy planning lawyer to find out about the personalized service we can provide in creating your plan for the future. Give us a call at (317) 684-1100 or contact us online to learn more.