What Is Legacy Planning?

Legacy planning is a holistic and comprehensive form of estate planning. When you take the right steps, you can cast a long shadow even after you are gone. In this post we will provide some food for thought. Asset Transfers When you plan your legacy, you facilitate future asset transfers to your loved ones. There are various different ways to go about it. If you are exposed to the federal estate tax, your financial legacy could be severely impacted. The maximum rate of the tax is 40 percent. The amount of the federal estate tax credit or exclusion is $5.34 million in 2014. This is the amount that you can transfer tax-free. If the value of your estate exceeds this figure, you must take steps to gain estate tax efficiency when you are crafting a legacy plan. Ethical Will A well constructed legacy plan will include matters of the heart. Ethical wills have been used for centuries to leave behind moral and spiritual values. Your influence will no longer be there in the flesh, but you can p
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