Legacy planning is something you should consider when you are young, although the importance of planning for your legacy increases as you age. An experienced Charlottesville legacy planning lawyer can assist you in setting goals for your future, finding ways to build and protect wealth, and creating a comprehensive plan to leave your family and the world in a better position after you are gone.
Vitt Law Offices, PLC has the experience and knowledge you need when creating a comprehensive legacy plan. Give us a call at (434) 971-3025 to learn about the legal assistance and advice that we can offer you and to begin the process of planning for your legacy. We not only provide personalized service customized to your situation but we can also answer questions including:
- When should I start legacy planning?
- What should my legacy plan contain?
- How can a Charlottesville legacy planning lawyer help me?
When Should I Start Legacy Planning?
To leave behind a legacy, you need to have assets that you can give to your loved ones or that you can provide to charitable causes that you care about. This means you should begin legacy planning as early as possible so you can create a comprehensive plan to acquire and protect money and property.
As you begin to build a nest egg, it becomes important to protect this wealth. You need to reduce the chances that creditors will be able to access it, as well as making sure you don’t have to spend down your assets or sell property in case you need to go into a nursing home.
You also need to ensure that the money and property is taken care of if you become incapacitated and cannot manage it on your own. Making an asset protection plan and an incapacity plan as early as possible is important, as you never know when nursing home care may become necessary or when something unexpected may occur.
For those whose legacy includes a business or a family farm, there are also additional issues which may need to be addressed to ensure that the company or property is able to transfer quickly and seamlessly to new owners. Because an untimely death could occur at any moment due to a tragic illness or injury, business and farm owners must make special provisions to protect their legacies.
The bottom line is, life is uncertain, and the sooner you take action, the sooner you can acquire and protect assets and determine what will happen with those assets after you are gone.
What Should My Legacy Plan Contain?
Your legacy plan should be designed to ensure that you leave the mark on the world that you hope to leave. Everyone has an idea of how they want to be remembered and what they want to do for their families and for charities they believe in. You should discuss these goals with a Charlottesville legacy planning lawyer who will help you to identify the appropriate legal tools necessary to achieve your desires.
With the help of your attorney, your legacy plan may involve:
- The creation of trusts to protect assets from creditor claims, from being spent if you need nursing home care, from being lost to estate taxes, and from being lost due to divorce or bankruptcy.
- The creation of a power of attorney and/or a living trust to ensure assets are effectively and appropriately managed in case of incapacity.
- The creation of a comprehensive estate plan to facilitate the seamless transfer of property and assets to heirs and to charities.
- The creation of a charitable remainder trust and/or a charitable foundation to support causes that you care about.
- The incorporation of a business to provide liability protection and to facilitate the transfer of ownership of company shares.
These are just a few of the essential components which may become a part of your legacy plan. Your plan needs to be tailored to accomplishing the goals you have for yourself and for the way you want to be remembered.
How can a Charlottesville Legacy Planning Lawyer Help Me?
Vitt Law Offices, PLC can help you no matter what your age, income level, or current wealth or assets. We understand how important it is for you to make your mark on the world and support your family and the causes you care about most. Give us a call at (434) 971-3025 or contact us online to find out more about the ways in which we can help you to shape your legacy.