Legacy Planning Services
Planning your legacy starts with identifying what legacy you wish to leave for the next generation. The legacy plan often starts with your personal values and thinking about how you wish to be remembered. The next stage is to develop an estate plan by arranging your wealth during your lifetime in a way that minimizes both income taxes and estate administration fees on death. A successful plan will ensure not only sufficient liquidity to pay those costs but will also help you pass on your values, your wealth and your legacy. Family enterprises have unique issues requiring specific skill sets. At SADOVNICK MORGAN LLP we are specifically trained in family governance, business strategy and family dynamics issues which help us work with a multi-disciplinary team to develop business continuity plans for our clients.
Here are some other things you need to consider:
- Planning your legacy and estate is much more than just writing a Will, it can involve estate freezes, the establishment of family trusts, philanthropy, asset protection, income splitting and the use of life insurance to fund any tax liability or a buy-out on death. Good planning also considers how you are going to fund costs associated with retirement while still putting money aside for the next generation;
- Planning your legacy is an ongoing process. Income taxes and other laws are constantly changing, so are your personal circumstances. Your plan should be reviewed by tax and other related professionals on a regular basis;
- Philanthropy can be an important part of your legacy and estate plan. Ask us how; and
- It is never too early to start. Unexpected events do occur. By failing to make a plan you put your family at the risk of having little or no control over the major decisions affecting them;