Have You Contemplated Your Legacy?

You can look at estate planning in a number of different ways. There is the bare-bones approach when you simply try to protect your family in the easiest way possible, and a basic estate plan is certainly better than no estate plan at all. On the other hand, you could take a more comprehensive approach and engage in the process of legacy planning. When you plan your legacy, you proactively take steps to leave behind a positive influence that will resonate even after you are gone. Legacy planning is not exclusively about money, but you do have to be aware of the potential impact of the federal estate tax if you are a high net worth individual. This tax can erode your wealth as you are passing it on to your loved ones, because it carries a 40 percent top rate. The tax is applicable on transfers that exceed $5.43 million, but there are things that you can do to preserve your wealth if your estate is in taxable territory. Personal Memories There are also matters of the heart and mind that


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s