Many people take to ruminating when they get serious about planning for the future. Of course you have to take care of the pragmatic hand-to-mouth matter of preparing your assets for eventual distribution to those that you love. However, you may ask yourself how you will be remembered and how you may be able to make an impact even after you are gone. This is what legacy planning is all about.
Depending on your resources and the exact nature of your intentions there are various courses of action that can be undertaken. There are people who start charitable family foundations, but of course these are not practical for a lot of us.
A very viable alternative would be to contribute into a donor advised fund, and this could have positive tax implications as well. The best way to contribute to charitable causes is something that should be discussed with a qualified estate planning lawyer.
There are other possibilities as well, such as establishing a commemorative scholarship or contributing toward some type of building project that aids the community as a whole. This can include a new hospital wing or an addition to an educational facility. If you put your mind to it there is little doubt that you would be able to come up with some ideas on your own that have particular meaning to you.
Crafting a robust legacy can be quite rewarding as you reach the latter stages of your life. If you are interested in finding out how to actualize your own unique vision, don’t hesitate to pick up the phone to arrange for a consultation with a local central New Jersey legacy planning attorney.
- Important Subjects to Discuss with Your Estate Planning Attorney - January 23, 2023
- Planning for the Possibility of Dementia - January 20, 2023
- How to Prepare for Retirement - January 17, 2023
