If money was no object, what would you leave for your heirs and beneficiaries when you passed on? Of course, a large majority of us wouldnt even think about the answer to that question because we are not billionaires, and are therefore constrained by some sort of budget.
Be that as it may, it could be helpful to think this way when considering your estate plan, because you would then be creating your plan with a purpose. After all, gifting with a purpose should be the central focus of your plan because after all, you want your plan to exemplify your legacy.
Expressing ones legacy is critical because that, among anything else, will live in peoples consciousness long after you are gone. Money can be spent and dissipated. Similarly, family heirlooms can be lost or destroyed. However, the purpose of ones life and the examples and lessons taught through such a purpose cannot be destroyed. In fact, they can be passed on for generations after the initial purpose bearer is gone.
The guidance and expertise of an experienced estate planning attorney can go a long way towards fulfilling your purpose in creating your estate plan. A skilled lawyer can craft a plan so that heirs will be less likely to argue and fight over your hard assets, and your liquid assets will help in fulfilling your legacy.
If you have additional questions about estate planning and how tax savings strategies can further help in fulfilling your legacy, contacting an experienced lawyer is the first step in your process.
The preceding is not legal advice.