Areas of Practice

Legacy Planning

Legacy Planning Differs From Revocable Living Trust Planning

Legacy planning is for high net worth individuals and families who wish to avoid estate taxes for multiple generations to come in the future.  At death your trust estate, rather than being distributed outright, continues in trust.  Legacy planning also allows people to make charitable gifts while still benefiting their family.  Distributions in trust are made to charities of your choice and possibly even private foundations.   Asset protection planning is a part of legacy planning, for the purpose of protecting against loss or waste of the estate, which might occur through outright distribution to beneficiaries.  Your lifetime planning is supported by your foundational planning.


Foundational planning, using a Revocable Living Trust, is designed to provide for you and your family while you are well, when you become unable to take care of your financial affairs, and when you die. At your death your trust estate is distributed outright to those you have chosen to receive your estate, unless you have done Legacy Planning.

 

Legacy Trust

For those who wish to leave a lasting gift to their family or favorite charities, we provide counseling and advice to accomplish this. For the family there is the Legacy Trust that will ensure that your gifts remain in trust for generations to come. Trust assets grow without estate taxation at each generation.

 

Charitable Planning Trusts

For gifts to your favorite charities, there are charitable remainder trusts, charitable lead trusts, charitable gift annuities and private foundations. Depending on the desired outcome, each of these estate planning solutions can be implemented while the donor is alive, or following death. In addition to leaving a legacy to your favorite causes, charitable planning can enhance the overall estate plan through:

  • an immediate income tax deduction
  • a lifetime stream of income
  • a waiver of capital gains taxes
  • a waiver of estate taxes


If legacy planning is appropriate for your situation, Chip will assist you in designing your estate plan to create your multi-generational legacy to your family and favorite charities.  The charities you select will benefit from your donation, while potentially increasing inheritance to your family and heirs.





Plan Because You care