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What is Your Legacy? It’s Never Too Late to Create One!

John Brancaccio - What Is Your Legacy? It’s Never too Late to Create One!

Creating a legacy is a way to honor your life and benefit future generations. We always remind our clients—when it comes to estate planning: one size does not fit all.

When we meet with new clients to implement their estate planning, one of the many questions we ask include, “What are your estate planning objectives?” We ask this question because every client has different goals and thus, every client’s estate plan must be tailored to reach these goals.   

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Is Your Life Insurance Still Fulfilling Its Objective?

Is Your Life Insurance Still Fulfilling Its Objective?

Henry Montag,  CFP, CLTC, is a guest author for the Russo Law Group P.C. blog. 

Do you want to establish a trust? There are many different reasons people do so:

  • Some people do it for the management aspects to make sure their assets will be properly invested and not squandered away by a spendthrift child or spouse. Other people want to make sure that, if sued, their assets are protected from the claims of a creditor – and others do it for tax purposes.
  • A parent or grandparent may establish a life insurance trust to provide an inheritance earmarked for the next generation, or to make certain that their child’s assets are protected in the event of a divorce.
  • Trusts can also be set up to provide for the welfare of a child with or without special needs for a variety of reasons such as providing for their educational fund or giving birthday, graduation or wedding gift even after the grantor has passed away.
  • A trust is also an excellent way to make a charitable bequest to assure your legacy and what is important to you will always be remembered.

While there are many factors for an individual or family to consider the benefits of establishing a trust, it is equally important that grantor’s/parents review the trusts they have chosen and make certain that the trustees are knowledgeable about their duties and are continuously still operating in the beneficiary’s best interest.

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