Did you know that over 55% of Americans die without an estate/legacy plan?
What exactly is legacy planning and why do you need it? Legacy planning involves the preparation and planning of the future, as well as having people, contracts, and procedures in place to protect your legacy. Legacy planning is important because it provides security for you, your loved ones, and your most prized possessions.
Whether it be a passion, mission, or building generational wealth, we can assist you with forming your business(es). What is a business entity? A business entity is a type of business structure and has the ability to do everything an individual can. A business entity can purchase property, purchase other businesses, open a banking account, and even create a trust. The main types of business entities are Corporations, S-Corporations, Limited Liability Companies (LLCs), and Non-Profit Organizations. The type of entity you should form will depend on your goals, your company’s purpose, possible tax implications, liability concerns, or legacy planning, among other reasons.
If you are already a business owner, you may or may not have measures in place for your business should something happen to you. But did you know that as a business owner you can create a legacy plan for your business? You can place your business into a trust, outline who will take over your business should something happen to you or your business partner, dictate if your business will donate to charity, and so much more!
If you're ready to put a legacy plan in place for your business, book a free 15 minute discovery call today and inquire about about you can get a free Legacy Evaluation!
A Will is a legal document used to communicate who you want to receive the benefit of your assets once you have passed away. It also designates who you want to oversee distributing those assets.
Wills are an important part of an estate plan and have certain advantages, such as giving definitive directions for the distribution of assets as well as instructions for who will care for dependents. And if appropriately drafted, a well-crafted will can reduce the length of the probate process.
Having a will is a good thing, but it also has its limitations. A will is not enough to ensure that your assets will be distributed in a controlled manner, nor will it keep your family out of the lengthy court process that is probate. And because of the probate process, a will won’t provide immediate support for family members who need it.
To guarantee that your assets will be distributed to your loved ones according to your wishes, you need to have a legacy plan in place. A will is an important part of that plan, but there are other tools available to make sure your wishes are carried out and that your estate isn’t depleted.
If you're ready to put a legacy plan in place for you and/or your family book a free 15 minute discovery call today and inquire about about you can get a free Legacy Evaluation!
Unlike a will, which is a document between yourself and the court, a trust behaves more like a contract between you and the trustee you designate to execute it. The main benefit of a trust is that the assets placed in a trust avoid the probate process.
Trusts are an essential part of estate planning in that they can protect high-value assets from probate as well as estate taxes. They also offer the flexibility to give the trustee specific instructions about how to distribute those assets, especially when leaving assets to minor children.
Many families are unaware of trusts being an option because they’re uninformed of the total value of their assets and feel that a trust isn’t an option for them. Also, the attorney they use to draw up their will may be unfamiliar with setting up trusts.
With 60% of Americans not having a will in place and 55% of Americans passing away without an estate plan, it’s important to make sure you have the proper legal and estate documentation in place to avoid having the state determine what happens to your assets.
If you're ready to put a legacy plan in place for you and/or your family, book a free 15 minute discovery call today and inquire about about you can get a free Legacy Evaluation!
At The Ambitious Legacy Firm, P.C., we strive to provide our clients with the highest quality service. Our experienced team offers consulting services in the areas of real estate, estate planning, business, and trademark. Our attorneys are dedicated to helping our clients achieve their goals and create their own ambitious legacies.
If you're looking to consult an attorney on how to protect your assets, have questions on estate planning, forming a business, or purchasing a home, book your consultation today!