Legacies are not just for politicians, celebrities, and the fabulously wealthy. No matter how much, or how little, money you have, your life matters and you can use it to improve your family’s life or to improve the lives of many others.
Your legacy could be family heirlooms handed down through the generations; building a business; providing a college education for grandkids; giving to charity; or accomplishing whatever else your heart desires. It is up to you to control your legacy, and Thompson Law, PLLC. can help you.
Our legal team can provide you with the assistance you need at all phases of your life so you can build a strong legacy. We help people who are just building assets, who are living paycheck to paycheck, or who have amassed a lot of wealth or are building a successful business. Whatever your situation, we will provide you with advice and work to make sure you use the right legal tools to secure your legacy. Give us a call to find out more about the legacy planning process and to get answers to questions you have including:
- What is legacy planning?
- Is legacy planning really something I need?
- How can a legacy planning lawyer help?
What is Legacy Planning?
Legacy planning is the process of deciding what you want your legacy to be and making that happen. You can start legacy planning at any phase of your life, but it is often best to start when you are young so you can work over the course of your life to create your chosen legacy. Your legacy planning process may include:
- Wealth building and asset protection so you can grow a nest egg. You want to be able to leave wealth to charities and/or to family and friends and Thompson Law, PLLC. helps you to make smart financial choices to build the kind of wealth you need to make a difference in people’s lives.
- Building and protecting a business or family farm. Creating a thriving business or building a strong family farm can allow you to create something that exists well beyond your lifespan and that provides an income and purpose for future generations. An experienced attorney can help with business planning, asset protection for farm and business owners, and succession planning for the transfer of your company or farmland.
- Giving to charity. You can create a charitable foundation to maximize your reach and can take steps including creating a charitable remainder trust if you want to be strategic about the ways in which you make donations to charitable organizations that you believe in.
- Using wills, trusts, and other estate planning tools. You can use different approaches to facilitate the timely transfer of your wealth to your loved ones in the way that is most appropriate to meet your needs and the needs of your family. Different kinds of tools can help assets transfer quickly and, under appropriate circumstances, can help you reduce or avoid estate tax.
There may also be other steps that should be a part of your legacy plan. It is up to you to decide what kind of impact you hope to make, and it is up to Thompson Law, PLLC. to give you the advice and guidance you need to accomplish your dreams.
Is Legacy Planning Really Something You Need?
Legacy planning is something that you need. If you do not make plans for what happens at the end of your life or after death, this doesn’t stop things from happening to you. Death is inevitable for everyone, but you and your family could also face hardship before death, such as illness or injury leading to incapacity.
If you’ve made no plans, your wealth could be lost at the end of your life due to nursing home care costs and your family could be left with a legacy of guilt and uncertainty as they were forced to make difficult decisions for you. If you’ve made no plans for distribution of assets after death, money could be lost to estate tax, estate litigation, and family fighting. You don’t want your legacy to be one of ruined relationships as your family splinters in a fight over your financial affairs.
Since you must have a legacy, you should create a positive one instead of leaving your history to fate.
How can a Legacy Planning Lawyer Help?
Thompson Law, PLLC. helps you to make a legacy plan appropriate to your particular phase of life. Give us a call at 605-362-9100 or contact us online to find out more about the ways in which a Sioux Falls legacy planning lawyer can help you.