Have you ever thought about how you would like to be remembered? It can be how you’ve contributed to the world. Your lasting footprint on the lives around you. A well-thought-out estate plan enables you to leave a legacy that supports those you care about, and may help you avoid or limit the tax burden on your heirs.
While each family’s situation is different, there are some important questions to think about.
As you take time for self-reflection, here are several things to consider:
is dependent on you for financial support?
significant life changes have occurred in your family since you last updated your will or trust?
much is “enough,” and what is an appropriate inheritance for each heir?
will receive your assets?
else do you really desire for your heirs beyond money?
charitable institutions have been most important to you, and do you want to include them in your plans?
Use these planning strategies to help you provide for your loved ones and leave your legacy:
Bequests | Bequests made through your will or trust are one of the most common ways to provide for your loved ones and favorite causes. You can make a bequest of a dollar amount, specific asset or percentage of your estate.
Beneficiary Designations | By completing a simple form, you can designate heirs and charities as the beneficiary of retirement plans, financial accounts and life insurance policies.
Give-It-Twice Trust | You can set up a special charitable remainder trust that will pay income to your heirs and then leave the remaining principle to a charity.
Have an existing estate plan?
Now’s a good time to review and update it.
If you don’t have an estate plan, it’s not too late to start. Valencia College Foundation can assist by providing you with our free estate planning guide—we’re happy to help. Give us a call at 407-582-3150 or send us an email at firstname.lastname@example.org