Everyone leaves behind a legacy, no matter how much money you have or how many assets you have managed to acquire over the course of your life. It is up to you what your legacy is and how you are able to care for your loved ones after you are gone. At Vermillion Law Firm, LLC, our focus is on helping you to plan ahead for what happens after you pass so you can leave your children and family strong and ready to thrive and prosper, even in their time of grief.
Legacy planning is about many things, from protecting the assets you have acquired to taking the needs of your heirs into account. We provide personalized advice for people with estates of all sizes and we offer you the guidance you need to leave a strong legacy behind. To get personalized advice on how we can help you, give us a call today. We’ll also answer questions including:
- What is involved in legacy planning?
- Why is legacy planning important?
- How can a Dallas, TX legacy planning lawyer assist you?
What is Involved in Legacy Planning?
Legacy planning is about two primary goals: protecting your assets so you have something to leave behind and ensuring that the gifts you leave behind benefit and improve the lives of recipients. There are many ways to accomplish these goals and many legal tools available to use to secure your legacy. For example:
- Asset protection can involve Medicaid planning to ensure that you don’t lose everything you’ve worked for in case you need nursing home care. You can create a plan to get Medicaid to cover the cost of a nursing home without forcing you to spent down your assets.
- Asset protection can also involve shielding assets from creditors and making sure your heirs don’t lose the money and property you’ve left them in case of divorce, bankruptcy or financial struggle.
- Creating a power of attorney or otherwise arranging for assets to be managed in case of incapacity is an essential part of protecting your assets and ensuring they are there for you to pass to loved ones.
- Avoiding estate taxes is also a part of asset planning. You can arrange for the transfer of money and property outside of probate so your loved ones aren’t forced to sell off assets in order to pay the government.
When you have taken steps to protect your assets, you can ensure you have some money and property for those you love to inherit when you are gone. However, you also want to make sure that the money is managed correctly, is not a burden, and does not cause loss of access to government benefits if you have loved ones with special needs.
The creation of a comprehensive estate plan aimed at avoiding probate, avoiding family fighting, maintaining control over spending when necessary, and reducing taxes can all be the keys to taking care of your loved ones when you are gone. You need to think about who your beneficiaries are and what their specific needs are as you make your legacy plan.
Why is Legacy Planning Important?
Legacy planning is important whether you have a lot of money to leave behind or whether you just have a few precious heirlooms that carry important family memories. Planning for your legacy allows you to ensure your family doesn’t fight over an inheritance when you pass away so they can maintain the close bonds you have tried to foster over your life. You can also make gifts to charities to support causes you care about.
Planning for your legacy also ensures an inheritance is never a burden. Inheriting a lot of money or property can be daunting for people who may not know how to manage the money, and a large inheritance can actually sometimes affect beneficiaries adversely. There are situations, for example, where someone who is disabled could lose important government benefits due to an inheritance. When you consider the unique needs of those who stand to inherit after you have passed away, you can structure your gifts in a manner that is a pure benefit to enhance quality of life. Your legacy will be enriching and improving their world – with no downside to the gifts you have given.
How can a Dallas, TX Legacy Planning Lawyer Help?
At Vermillion Law Firm, LLC, we are committed to helping people to build a strong legacy and to leave the world a better place. We help people with estates of all sizes and with all different amounts of assets. Give us a call today at (972) 366-7201 to learn about the personalized advice we can offer you.
John R. Vermillion is also licensed in Tennessee and Oklahoma