When you think of financial goals, most people think of things like saving for retirement or saving up money for an emergency fund. These are, indeed, important objectives. However, there’s another thing that a good number of Americans want to achieve. They want to help set their child(ren) up for success by providing them with an inheritance.
How many people have this goal? Here’s what you need to know about the desire to leave a legacy — along with some details about how to make that happen.
Leaving a legacy behind is an important part of most people’s financial plans
Leaving behind a solid legacy is a worthy objective, but just how many people actually want to make that happen? You might be surprised at the answer.
A study by Northwestern Mutual found that 2/3 of individuals who are planning to leave an inheritance said that doing so was either their “single most important financial goal” or was “very important.”
Surprisingly, younger people were actually much more likely than older people to prioritize leaving an inheritance for children. Here’s how the data stacks up:
- 75% of Gen Z said that it’s either their most important goal or very important to them to leave an inheritance
- 81% of millennials cited leaving an inheritance as their most important, or an important, goal
- 65% of Gen Xers agreed with these statements
- 46% of Baby Boomers also said the same.
Obviously, many people believe that providing for those left behind is a very important part of being a financial success. There’s good reason for that too. It’s common to want to give your children every advantage in life, and providing money, property, or a family home for them to help them advance in their lives can make a big difference. This type of intergenerational transfer of wealth can change the future trajectory of your family.
How to leave behind the solid legacy that you desire
If you count yourself among the millions of Americans who believe leaving a legacy is very important, then you’ll want to take the right steps to make that happen. Here’s how to do it:
- Take steps to protect your assets. You can’t leave things for your loved ones if you lose your assets because of issues outside of your control, such as developing a medical problem that necessitates a stay in a nursing home. As many as 7 in 10 adults over the age of 65 are going to need long-term care at some point during the course of the rest of their lives. Nursing home care isn’t covered by insurance and is very costly so without a plan to get it covered, you could spend all of the money you hoped to leave for your family and could even have to sell some of your property as well. An estate planning lawyer can help you to avoid that by making a Medicaid plan or otherwise using the right asset protection tools for your situation.
- Decide on the best way to transfer your wealth. You have a number of different options to provide for your loved ones after you are gone. You could make a will and facilitate the transfer of money and property through the probate process in accordance with your instructions. Unfortunately, the probate process can take a lot of time and is expensive and not very private as the information (assets & beneficiaries) will likely become public record. There are other ways to make transferring money easier including creating a trust that allows your assets to pass during trust administration. Your estate planning attorney can help you to explore the options available to you to transfer your property in a way that maximizes the inheritance your loved ones receive.
- Preparing for incapacity. If something happens to you and you can no longer manage your own money and property, this can create a situation where your wealth is at risk. An incapacity plan can help to ensure that your property is properly taken care of so that it retains its value. For example, you can create a living trust with a backup trustee who you can count on to manage your assets if something happens to you. You can choose a trusted, responsible person who you can count on to handle all of your accounts and ensure that your money, property, and investments are kept safe even if you are no longer able to manage them on your own.
- Planning for the specific needs of your loved ones. In some situations, the inheritance that you leave behind must be tailored to the needs of your heirs or your beneficiaries. For example, if you have a disabled loved one who is receiving Supplemental Security Income (SSI) or who is receiving Medicaid benefits, those are means-tested programs. If you leave a large inheritance, then your loved ones could end up losing access to these important benefits. A special needs trust would enable you to provide for your family member without causing them to lose benefits — and in a way that ensures the money and property you are providing to them is managed as wisely as possible after you are gone.
These are just some examples of the different ways that you can ensure you are leaving the strongest possible legacy and accomplishing your goals. You should always try to make a personalized plan based on your specific needs.
Contact Us for Help Today
Edwards Law Firm can provide the help and support you need throughout this process. Our estate planning lawyers will assist you in identifying your goals and objectives and putting in place the right tools to achieve those outcomes. Give us a call at 904.672.7600 or contact us online today to find out more key details about the ways in which our firm can make leaving your desired legacy possible.
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