What exactly is “Legacy Planning?” Well, let’s talk about it! The assets you leave to your loved ones can either be a source of relief or, sometimes, a source of panic if they don’t know how to manage those assets. Unless properly prepared, your loved ones may not know how to deal with sudden wealth — even just fifty thousand dollars can either be squandered quickly or built into a true legacy of love. Your loved one’s may lack trusted advisors to help them, and they may not always share your values or your vision on how to put the money to good use or ensure it lasts for future generations.
Unfortunately, there are many stories of heirs who have spent their inheritances unwisely, or who have neglected to consult with knowledgeable attorneys or financial planners on the best ways to minimize taxes while maximizing the opportunity to grow that inheritance. I’m sure you can even think of a friend or family member who squandered what they were left quickly.
There are some things you can do to help prepare your loved ones for the inheritance they will receive some day. Consider these questions in evaluating their ability to handle an inheritance:
Are they capable of managing an inheritance alone or do they need help? If they need help, be sure your estate planning takes this into consideration.
Do they need some time to acclimate to their inheritance? If so, you can put their inheritance into a trust to stagger the distributions over time.
Are you leaving assets in the hands of trustees or executors they don’t know? Be sure your heirs know about your team of advisors and your wishes for retaining them to manage business, real estate or other important assets.
Are they aware of your wishes and values when it comes to managing their inheritance? If not, then consider taking advantage of our legacy planning process, where we help you pass on those valuable intangibles through a special recording that reveals who you are through your own history, insights, values and experience. It’s a gift your family will cherish forever, and we are honored to be able to provide it for our clients.
A Note from the Attorney, Stan Pierchoski:
The practice of law is a second career for me. After obtaining Master of Science degrees in both Nuclear and Mechanical Engineering, I worked in the Nuclear Power Industry for 15 years. Always having an interest in law, I attended and graduated from law school and founded the Pierchoski Law Firm in 2002 in Pulaski, TN. For several years I practiced as a criminal defense, trial attorney. After my parents passed I became interested in Trust and Estate Law and felt a strong calling to change my practice to the Estate Planning area.
For years I have been exclusively doing trust writing and wealth planning and have become proficient at it. Over the last several years my practice has evolved to serve all age groups including elders and Medicaid Planning. I am always open to your questions and am more than happy to chat with you about your concerns so give me a call or stop by my office. You’ll be glad you did!