A lot of people don’t think about their legacy until late in life. When you reach your golden years, you likely will begin to consider what mark you want to leave on the world. When you are ready to address this issue, Unsworth LaPlante, PLC helps with legacy planning. We also provide assistance to people who are younger, including those who are just embarking on careers, so you can begin early to build a strong legacy.
It does not matter how old you are, how much money you have, or what your income is – you can take positive steps to make a difference in the lives of people you love and you can make an impact on causes you care about. You just need to make a plan. A Vermont legacy planning lawyer at Unsworth LaPlante, PLC will help you to explore the ways in which you can achieve your goals and control your own legacy. Give us a call today at 802-879-7133 for personalized legacy planning advice and to get answers to some key questions including:
- When should I start legacy planning?
- What is involved in legacy planning in Vermont?
- How can a Vermont legacy planning lawyer help me?
When Should I Start Legacy Planning?
Legacy planning should start today. Whether you are in retirement and looking towards what will happen after you are gone or whether you are just starting a family or a new career, you can take steps today that will shape the mark you leave on the world.
If you begin legacy planning when you are younger, you can take advantage of time and compound interest to build up substantial assets. You can set savings goals and find ways to take advantage of tax breaks which will help you to put aside as much money as possible so you have enough assets to leave to your children or to support charities you care about. If you begin legacy planning when you are older, you can protect the assets you have acquired and find ways to make the most meaningful gifts to your family or to charitable organizations. You can also address issues like how to ensure your nursing home care will be paid for without you having to spend down all of the assets that should serve as your legacy.
There is no bad time to start legacy planning, and getting started today is better than waiting and leaving your future legacy uncertain.
What is Involved in Legacy Planning in Vermont
Legacy planning can involve making a financial plan to amass as much wealth as possible so you can change the course of your children’s lives or support an organization that does good in the world. By taking advantage of tax breaks for retirement savings and college savings, you can put aside money more easily so you will have the cash to accomplish your goals both during your life and after you are gone.
As you build your nest egg, your legacy planning should also focus on how to protect all you are acquiring. You do not want your heirs to lose a substantial amount of what you have worked for because of estate taxes, so you should explore ways to reduce the tax burden on your estate if you have enough wealth to trigger taxes. You also want to make sure there are provisions in place to prevent you from losing your estate to nursing home costs or to Medicaid estate recovery, which the state is required to pursue if Medicaid has paid for you to get nursing care towards the end of your life.
Legacy planning also involves considering the needs of your heirs. If you have a relative or friend with special needs who you plan to give a gift to, the gift must be structured so the recipient does not lose any means-tested government benefits. If you have minor children, spendthrift heirs who cannot manage money, or heirs who you are worried will get divorced or go bankrupt, there are tools you can use to make a gift while still protecting assets. An attorney will help you to identify all the different ways that you can make sure your legacy lasts for a long time after you are gone.
An attorney can also provide assistance with the creation of a charitable foundation or with charitable remainder trusts if your goal is to provide the maximum benefit from your donation to organizations you care about.
How a Vermont Legacy Planning Lawyer Can Help?
Unsworth LaPlante, PLC has the experience you need to help you plan for your legacy. Our Vermont legacy planning lawyers service clients statewide, including in Burlington, Essex Junction, Montpelier, Rutland, White River Junction, St. Johnsbury and Newport. To get started on making a plan so you can leave your mark on the world, give us a call today at 802-879-7133 or contact us online.