Legacy planning should be done by everyone and should be done early. Your legacy plan allows you to make sure your lifetime of work means something. You can provide important support for charitable causes and change the future for your family by leaving a strong legacy. Augulis Law Firm wants to help.
Our Warren, New Jersey legacy planning lawyers provide advice to seniors, but also to people at all stages of their lives. It is never too early to begin thinking about your legacy plan, and starting young means you will have more time to grow and protect your wealth so it can work for you. Give us a call at (908) 222-8803 to find out more about how we can help with your legacy planning process and to get answers to questions you may have including:
- Why is legacy planning so important?
- What is involved in legacy planning?
- How can a Warren, NJ legacy planning lawyer help?
Why is Legacy Planning so Important?
Legacy planning is essential because you want to use the wealth you build over the course of your life to make an impact on the world. Whether your focus is on providing for loved ones, giving to charity, or doing both, you need to know how best to amass assets and how to protect that wealth so it can be used for your desired purpose.
Without a legacy plan in place, it is far too common to approach the end of your life with no nest egg to make contributions to the people and causes you care about. Even if you save wisely, your assets are at risk at the end of your life due to the high cost of nursing home care. Estate taxes, a family fight over inheritance, or a protracted probate process with mismanaged assets could all cause the wealth you have built to be lost. You do not want that to happen.
With a legacy plan, you can build wealth in smart ways and you can protect the assets and property that you have worked hard to acquire. You can make certain that the wealth you are building is used to make a real difference, and you can leave behind a stronger family and a better world.
What is Involved in Legacy Planning?
The legacy planning process is different for each person, because no two people have the same goals and dreams for the future. Your plan should be personalized to you and should focus on using all available legal tools to help ensure you are remembered as you wish to be remembered. Some of the many different steps which could be a part of your legacy planning process include:
- Making smart investments in tax-advantaged accounts so you can build more wealth.
- Protecting assets from being lost due to nursing home costs as you age.
- Shielding your wealth from estate taxes which may be assessed after your death.
- Protecting assets from loss due to mismanagement in case of incapacity or after your death.
- Making contributions to charity which provide the most aid possible to important causes.
- Protecting assets from being lost by heirs who are unable to manage money, who go bankrupt, who get divorced, or who have creditor claims made against them.
- Protecting personal assets if you have a family business, and ensuring that your business can transfer in a timely manner to new owners with no interruption in operations at the end of your life or after your death.
- Creating a comprehensive estate plan to determine who will inherit assets and to prevent family fighting over money and property at the end of your life.
- Ensuring assets are used for an intended purpose when left to heirs.
An experienced legacy planning attorney can help you to use trusts, a last will and testament, IRAs, 529 accounts, charitable foundations, and other legal tools to accomplish all of the essential steps in legacy planning.
How can a Warren, NJ Legacy Planning Lawyer Help?
If you have decided to make sure you can shape the mark you leave on the world, Augulis Law Firm wants to provide the tools and support to help you achieve your goals. Give our Warren, NJ legacy planning lawyers a call today at (908) 222-8803 or contact us online to find out more about the different ways in which our legal team can help to ensure your legacy is everything you hoped it would be.