Everyone leaves a legacy behind. The only decision you have to make is whether you want fate to shape your legacy or whether you want to take control over your own destiny and determine how you will be remembered. Many people want to make a meaningful contribution, changing the lives of future generations or even changing the world. If you care about the impact you will make and want to start planning your legacy today, give Randy Holmgren a call.
Our Salt Lake City legacy planning lawyers help people of all ages, and we help people in all income brackets. We truly believe everyone can create a legacy that makes the world a better place and we are honored to help you to do just that. To get personalized advice and find out how we can help you to create your legacy plan, give us a call at (801) 981-4437. We can also answer general questions including:
- Do you really need legacy planning?
- What can be a part of your legacy plan?
- How can a Salt Lake City legacy planning lawyer help you?
Do You Really Need Legacy Planning?
If you do not create a legacy plan, you will still leave a legacy anyway. Unfortunately, that legacy could be one of your family fighting over your assets, selling the business you’ve worked to build, losing farmland which has been in your family for generations, or losing the family home to Medicaid estate recovery.
The bottom line is, you need a legacy plan to make sure you avoid undesirable outcomes and achieve the goals you have set for yourself. You should make a legacy plan if:
- You want to protect everything you’ve worked your whole life to acquire and not lose assets because you need nursing home care or because estate taxes are too high.
- You want to make sure your heirs receive gifts that are a benefit, not a burden. You can ensure money and property are managed appropriately for heirs and kept safe in case of divorce or bankruptcy. If you have heirs with special needs, you can make sure you don’t cause a loss of access to government benefits.
- You want to give to a charity. You can use different tools, like a charitable remainder trust or starting a charitable foundation, to make sure you support causes you care about.
- You want to spare your family difficult choices at the end of your life about medical care and other related issues, and you don’t want your family to end up fighting over money or property.
These are just a few of the things that could happen if you don’t have a legacy plan. If you do have a plan, you can do great things. From paying for your grandkid’s education to making a real difference in fighting against injustice and improving the world, you have the power to effect change. You just have to take control over your legacy.
What Should be a Part of Your Legacy Plan?
Legacy planning is different for everyone, but the key is to use legal tools in Utah to grow your assets, protect your assets, and use your assets for good. Some of the different things which could potentially become a part of your legacy plan include:
- A last will and testament.
- Trusts, which serve many different purposes for asset management and asset protection.
- A power of attorney, which preserves the value of your estate in case of incapacity so you can make sure you are leaving the maximum assets behind.
- Planning for charitable giving, including inter vivos gifts during your life and posthumous gifts after your death
Legacy planning should start when you are young, and should often begin with taking steps to amass the assets that will serve as your future legacy. Throughout your life, we will help you to take the right legacy planning steps for your life stage so you can have the peace of mind of knowing that you’ve determined how you will be remembered.
How Can a Salt Lake City Legacy Planning Lawyer Help You?
Randy Holmgren serves clients in Salt Lake City, Provo, Orem, Ogden, Park City, Cedar City, St. George, and surrounding areas throughout Utah. We have a long track record of assisting clients in the essential steps of legacy planning, from building and protecting assets to making sure your money does good for loved ones and charities after you are gone. To find out more about how we can assist you, give us a call today at (801) 981-4437 or contact us .