Myer Legacy Advisors ~ Planning From the Heart
Myer Legacy Advisors offer an educational process that provides personalized solutions based on your goals and core values. This process can assist in creating a meaningful legacy, both now and in the future, which will positively impact you and your family for the rest of your life and for future generations.
Determine your values and goals:
It is our belief that everyone needs a legacy plan, even those with less than $1 million in assets. Establishing a legacy involves giving to or providing assets (not necessarily money) for others—be it children, grandchildren, charitable institutions, etc.
Designing the Plan
Further planning involves the order of the beneficiaries, the amount and/or percentage of assets they should receive, and the distribution procedure.
Protection of the Plan
Another important facet of legacy planning is who will manage the wealth over the long term? Many estates diminish in size after the first owners pass them on, because the heirs did not understand how the assets were to be managed, or did not share the same values and perspectives of the founder. It is important to note that those who benefit from the wealth are not likely to manage the wealth, so you may want to separate management and ownership of the assets by constructing trusts and other provisions to carry out your plans.
If you are passing along a small business to your heirs, you may consider a succession plan to make sure your goals and values are implemented.
Another aspect to consider is protecting the estate especially for small business owners and professionals from potential creditors and lawsuits. Personal estates may need asset protection from discontented, irresponsible, or ex-family members in divorces. Protecting assets can be as simple as proper titling, IRAs, annuities, and insurance. Larger estates can use trusts and various other tools. The first step is to determine which assets need protection.
Tax Liabilities
Another very important consideration is to transfer the wealth in ways that minimize the potential tax burden on the beneficiaries. Be aware of “hidden” assets that increase the value of the estate such as annuities, life insurance, IRAs and some trusts.
Legacy planning encompasses far more than just reducing estate taxes. Make sure that your plans are carried out by developing your legacy plan. It is time to start determining your goals and putting your plan together, which will positively impact you and your family for the rest of your life and future generations.