Legacy Wealth Planning: A Review of Common Issues

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LEGACY WEALTH PLANNING

• A Review of Common Issues

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• Death is an eventuality that most people do not
  want to dwell on,
• much less plan for

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However, if you delay in planning for the future
of your intended beneficiaries, they may not
receive what you want them to, when you pass away
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They may also be subjected to additional
administration costs and unnecessary taxes
without a proper plan
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ESTATE PLANNING allows you to make sure your
assets will be distributed the way you want them
to be and to save as much as possible on estate
and other applicable taxes
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• Basic estate planning
• is important for everyone

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However, if you are a resident in the
Fayetteville area and have been fortunate enough
to create a strong financial base for your
family, then it is vital that you plan for the
future
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YOU NEED TO DETERMINE NOW how your legacy will be
passed on to your heirs
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• If not, your hard work may be of no benefit to
  your family in the long run

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What Is a Legacy Wealth Plan?
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• LEGACY WEALTH PLANNING
• is essential to helping clients preserve
• their financial wealth using such estate planning
  instruments as

Wills
Powers of Attorney
Living Trusts
Irrevocable Trusts
Family Limited Partnerships
Charitable Gifting Strategies
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What Is a Legacy Wealth Plan?
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A comprehensive estate plan should always
address such matters as, who will look after of
you and manage your assets in the unfortunate
event that you become incapacitated
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• Another important concern to be addressed is who
  will care for your children if you pass away
  while they are still minors

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Most estate plans should include, at the very
least, a durable power of attorney and a will
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But there are many other legal instruments that
can help you plan for your heirs after your death
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• An estate planning attorney can assist you in
  creating the comprehensive plan that will most
  fit your needs

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There are many legal issues that need to be
considered and addressed as a legacy wealth plan
is developed
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This article will address some of the more
common areas that estate planning attorneys are
well-equipped to handle
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Protecting Your Assets
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• Did you know that when you pass away, legal
  judgments and certain debts you leave behind
  still have to be settled from your estate, BEFORE
  YOUR ASSETS ARE DISTRIBUTED TO YOUR HEIRS

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That is why including asset protection in your
legacy wealth plan is very important
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Your debts can have serious financial
consequences for your heirs if your assets are
not protected from creditors
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ASSET PROTECTION simply means lawfully arranging
your assets so that they are not subject to
creditor claims
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• This must be done in the proper way,
• as each state has specific laws to
• protect creditors with judgments from individuals
  who attempt to transfer assets into the names of
  relatives in order to avoid judgments

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As such, ASSET PROTECTION must be planned for
well in advance of any threat of judgments
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Once your short-term and long-terms financial
goals are in place, an estate planning attorney
can assist in determining which assets are exempt
from creditors
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Those that are not, should then be carefully
repositioned in a way that will protect them
from potential creditors after your death
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Learn More About Legacy Wealth Planning in
Fayetteville Arkansas
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Click to visit arkansas-estateplanning.com