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Legacy planning is the process of creating a plan to preserve and transfer your assets, both financial and non-financial, to future generations. Legacy planning seeks to achieve a variety of estate planning objectives, such as minimizing estate taxes, avoiding probate, and protecting your assets from creditors.
Trust and estate planning allows you to direct your personal and financial affairs, ensure your wishes are carried out, and protect your assets if you become incapacitated or unable to make decisions for yourself. Trusts can be created during your lifetime or after your death, and can be revocable or irrevocable. Working with a financial advisor and knowing what to expect and what your options are can help you make more informed decisions.
There are many types of trusts, but some of the most common are living trusts, testamentary trusts, charitable trusts, and special needs trusts. Each type of trust has its own purpose and can be customized to fit your unique situation.
A living trust is a trust that is created during your lifetime. It can be revocable or irrevocable, depending on your wishes. A revocable trust can be changed or terminated at any time, while an irrevocable trust cannot be changed once it is created.
A testamentary trust is a trust that is established after your death. It is most often established in your will and takes effect after you pass away.
A charitable trust is a trust that is created for the purpose of giving to a charity. It can be used to provide for a specific charitable purpose or to create a charitable endowment.
A special needs trust is a trust that is created for the benefit of a person with special needs. It can be used to provide for the care and support of the beneficiary without affecting their eligibility for government benefits.
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Whether you are creating a trust during your lifetime or one that takes effect after death, it is important to work with an experienced attorney who can help you understand the different types of trusts and determine which one is right for you. With the proper trust planning, you can ensure that your assets are preserved, your wishes are carried out, and you leave a lasting legacy for future generations.
There is no one-size-fits-all answer to this question, as the best Estate planning tool for you will depend on your specific circumstances and goals. However, in general, a trust may offer more flexibility and control than a will and can be used to achieve a variety of estate planning objectives. For example, a trust can be used to avoid probate, minimize Estate taxes, and protect your assets from creditors.
A will is a document that outlines how you would like your Estate to be distributed after your death. A trust is a legal arrangement that allows you to transfer ownership of your property to a trustee, who will then manage the property for the benefit of the beneficiaries.
Depending on the type of trust you are creating, there may be various legal and financial documents that you need in order to establish and manage your trust. These can typically include a will, power of attorney, durable power of attorney, living will or advance directive, health care proxy or medical power of attorney, and possibly other documents.
No! Everyone has assets that will need to be dealt with when they pass. Estate and Legacy planning are for everyone.
LPL Financial Representatives offer access to Trust Services through The Private Trust Company N.A., an affiliate of LPL Financial. We do not offer all of these services directly, but can assist with providing a referral. This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.