Creating a legacy plan goes beyond just making a will and deciding who will inherit. With a comprehensive legacy plan, you can set goals to build assets and take steps to protect those assets so you can support your loved ones and the causes you care about. You can also facilitate the seamless transfer of money and property after death, which may be especially important if you have built up a family business or have a family farm.
Regardless of your age, assets, or income level, you owe it to yourself and your loved ones to create a legacy plan so you can make your mark and leave a positive impact on this world. The Law Offices of Kobrick & Moccia is here to help. Give our Long Island legacy planning lawyers a call today at 800-295-1917 for personalized advice and to get answers to questions including:
- Why is legacy planning important
- What is involved in legacy planning?
- How can a Long Island legacy planning lawyer help you?
Why is Legacy Planning Important?
Legacy planning is very important because you will work your entire life and you should be able to have something to show for all of that effort. Whether your goal is to leave your kids with financial security, to give to charities, or to do all of the above, it is up to you to create a plan as early as possible to achieve your dreams.
Without legacy planning, you could end up spending your money instead of making it work for you. You could end up with your money going to people who you would not have chosen, or being lost due to nursing home costs or estate taxes. To prevent these undesirable outcomes, it pays to get proper legal advice from a legacy planning lawyer as soon as possible.
What is Involved in Legacy Planning?
Legacy planning involves taking different steps at different phases of your life. Your legacy plan could include:
- Setting financial goals. How much do you need to save to be able to grow your wealth and leave a meaningful legacy behind?
- Exploring tax-advantaged accounts. There are special tax breaks for people to save for retirement and to save for college for children and grandchildren. You can make use of these accounts to supercharge your savings and ensure your money is working as hard as it can for you.
- Protecting your assets. Once you have begun to build wealth, you want to ensure you don’t lose it. This means structuring ownership carefully so you don’t have to spend down assets in case you must go into a nursing home. You can also find ways to limit or reduce estate taxes, and to protect your money and property from being lost due to irresponsible heirs, bankruptcy, or divorce.
- Protecting your family business. If you have a farm or a family business, you want to be able to hand this down through the generations. There are steps to take to make sure that you can facilitate the seamless transfer of the property without its value being lost due to estate taxes or due to a period of mismanagement in case of incapacity or death.
- Transferring your assets. You want to facilitate the timely and efficient transfer of assets to new owners after your death. You can do this in different ways, including the use of trusts to avoid probate as well as creating accounts with joint ownership.
These are just a few of the key things that you may wish to do as part of your legacy planning process. Our legal team can help. We can also offer assistance with advanced legacy planning strategies, such as the use of charitable remainder trusts or the creation of charitable or family foundations. Your plan will be designed to meet your specific goals and to protect the assets that you have acquired.
How can a Long Island Legacy Planning Lawyer Help You?
At the Law Offices of Kobrick & Moccia, our Long Island legacy planning lawyers assist clients in all aspects of legacy planning. From setting goals to grow assets to taking advantage of investment tax breaks, to securing your assets and assuring their seamless transfer, we offer you advice on everything you need to know to control the mark you leave on the world. Give us a call today at 800-295-1917 to learn more about how we can help. Our legal team serves Garden City, Hauppauge, Harrison, and surrounding areas in Long Island, so call now.