Legacy & Estate Planning

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.

Why Estate Planning?

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.

Setting Up a Trust Can Help:

Setting Up a Trust Can Help:

  • Provide an orderly means of administering your personal and financial affairs should you become incapacitated, or upon death
  • Ensure that your assets are managed for the benefit of your heirs, according to your wishes
  • Manage your estate tax exposure and avoid probate costs
  • Provide for a relative or disabled child after your death
  • Protect assets from a creditor’s claims
  • Assemble a tax-advantaged charitable gift

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.

Client Centered

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.

Naming a Trustee

The Benefits of Naming a Professional Trustee Include:

  • Loyalty and independence to carry out your wishes
  • Knowledgeable management, protection, and defense of trust assets
  • Experienced oversight of the investment process to be carried out by Flaharty
  • Asset Management
  • Timely and accurate statements of the account to keep you and all current beneficiaries informed
  • Consistent annual reviews
  • Accountable collection and prudent distribution of income and assets
  • Tax reporting, filing, and comprehensive regulatory compliance on behalf of the trust

For more information on how Flaharty Asset Management can help you with personal or corporate trust services, Contact Us to speak with one of our advisors now!

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.

Frequently Asked Questions

  • A will takes effect only after your death, while a trust can take effect as soon as it is created.
  • A will must go through probate, while a trust does not.
  • A will does not offer any asset protection from creditors or Estate taxes, while a trust can help protect your assets from these and other potential risks.

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.

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