Estate planning is commonly defined as the preparation of structures that serve to manage an individual’s asset base in the event of incapacitation or death. Having an estate plan is essential and as you consider crafting your own, you would be wise to consider how your estate fits into your overall legacy.
As previously discussed, your legacy (and your legacy plan) represents more than just your “stuff.” How will you be remembered, when you no longer have a pulse? What will that fingerprint that you leave behind look like? You will, undoubtedly, need to ensure clear communication of those things important to you, but you must also guard against two other challenges to leaving a lasting legacy: taxes and long-term illness.
Planning for the challenges that each of us faces in today’s world is the best way to give you, your family and the charities you support a “leg up” on the multitude of factors that can ravage your estate and your entire legacy.