Legacy Wealth Planning, for Minnesota and North Dakota Families: 4th Edition
Co-Authored by Attorneys:
Raymond J. German
with Robert Armstrong and Sanford M. Fisch
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Book Details
A traditional estate plan will focus on protecting your assets while you are alive and the distribution of those assets after your death. While creating a roadmap for the distribution of your estate assets when you are gone is certainly an important objective, it is also a very narrow one. Moreover, it completely leaves out the things that are most important for many people to pass down to future generations, such as values, ideals, convictions, and religious beliefs.
Legacy Wealth Planning takes a look at traditional estate planning and discusses the limitations and drawbacks of using a traditional approach to planning your estate. It then explores estate planning in the 21st century and the need for a broader approach to planning an estate that takes into account the unique, and often complex, needs of the modern family.
The concept of “Legacy Wealth Planning” is not a totally different approach to estate planning. Instead, Legacy Wealth Planning takes over where traditional estate planning leaves off by incorporating your non-financial legacy into your plan alongside traditional estate planning components. This holistic approach to estate planning can help you accomplish a variety of inter-related estate planning goals, such as:
- Providing for a new spouse while simultaneously preserving assets intended for children from a prior marriage.
- Plan for the continued financial support of a child with special needs without jeopardizing eligibility for much needed state or federal assistance programs.
- Protect your hard-earned assets from creditors, a divorcing spouse, spendthrift beneficiaries, and other potential threats.
- Protect your hard-earned assets from creditors, a divorcing spouse, spendthrift beneficiaries, and other potential threats.
Legacy Wealth Planning explores the numerous, and often creative, ways in which you can pass down the guiding principles that make up your non-financial legacy to the next generation in the hope that those principles will continue to guide your loved ones long after you are gone.
