Leaving a legacy isn’t just for celebrities and public figures. Every single person who walks this earth makes his or her own unique mark on the world and shapes the future in ways big and small. For your family and the people you care about, you can change their lives forever if you make smart choices to create a legacy plan.
Kinghorn Heritage Law Group, PLC can help. Our legal team can offer you assistance in understanding what the legacy planning process is all about. We work with you to discuss your personal situation, define goals you wish to accomplish, and use Arizona laws to make those goals a reality. Your legacy plan isn’t just about what happens after your death but is something you can start thinking about now. Give us a call at (520) 529-4000 to talk with a Tucson legacy planning lawyer for personalized advice and to get answers to questions about the legacy planning process including:
- When (and how) should I create a legacy plan?
- What should be a part of my legacy plan?
- How can a Tucson legacy planning lawyer help?
When (and how) Should You Create a Legacy Plan?
It is important that you think about your legacy when you are young. The sooner you begin to work towards achieving big goals, the easier it will be to accomplish your dreams. You can change the world in ways big and small, even if that just means giving your kids a stable start on the path towards financial security. It is up to you to begin the legacy planning process when you have the time and ability to shape the impact you make.
If you begin the legacy planning process when you are young, you can make smart plans for saving and investing so you have a nest egg that you can leave behind for your loved ones and for charities. You can use asset protection tools to protect your growing wealth so it is not at risk of loss due to things like nursing home care expenses or lawsuits. You can build a business, which can pass on to the next generation, or you can keep your family farmland safe so it can stay in the family.
While it is never too late to start legacy planning, as long as you are still of sound mind, there is no reason to wait… especially since there is no guarantee of how much time you will have left to shape your family’s future.
The process of legacy planning is going to be personal to everyone, but it is something that you should think about so you can build your legacy over the course of your life. The best way to create a legacy is to work with an experienced attorney who can help you to define your goals and make the choices necessary to achieve them.
What Should Be a Part Of Your Legacy Plan?
Your legacy plan should incorporate the legal tools that allow you to grow and build wealth and that make it possible for you to use that wealth to accomplish great things. Your plan may include:
- Creating IRAs, 529 accounts, and other financial accounts that give you tax breaks for investing and that make it easier to build up the type of nest egg that allows you to leave a big legacy.
- Using asset protection strategies, such as incorporation, purchasing sufficient insurance and creating trusts, so your nest egg does not end up lost.
- Creating an incapacity plan, including the use of a power of attorney, so your assets are not lost or left in the hands of a guardian the court appoints, just because you happen to suffer an incapacitating illness or injury.
- Creating charitable foundations or charitable remainder trusts so you can give to causes you care about.
- Using a last will and testament, trusts, and other estate planning tools so that you can determine what happens to your property after you have passed away.
These are just some of many possible components to a legacy plan that you can create. Kinghorn Heritage Law Group, PLC can help you to make certain you use the right tools under Arizona law to make a legacy plan that lets you leave your mark.
How can a Tucson Legacy Planning Lawyer Help?
A Tucson legacy planning lawyer at Kinghorn Heritage Law Group, PLC can work with clients of all ages to set goals for their legacy and to achieve those goals. It is never too late to make your legacy plan, so give us a call at (520) 529-4000 or contact us online to get started.