Health Savings Accounts (HSAs) offer triple tax advantages, portability, and flexibility, making them a powerful tool for healthcare savings and retirement planning. Jacksonville residents can maximize their HSAs for immediate medical expenses or long-term savings. Discover how HSAs complement your estate plan today.
Thanksgiving is a Time to Give Thanks and Think About Your Legacy!
What is someone’s legacy?
It is about the richness of the individual’s life, including what that person accomplished and the impact he or she had on people and places. Ultimately, the story of a person’s life reflects the individual’s legacy. A legacy can also be money or property which someone leaves to you when they die. You could make a real difference to someone’s life by leaving them a generous legacy. A legacy of an event or period of history is something which is a direct result of it, and which continues to exist after it is over.
What does it mean to carry on a legacy?
The dictionary would define Legacy as a gift or a bequest, that is handed down, endowed, or conveyed from one person to another. It is something descendible one comes into possession of that is transmitted, inherited, or received from a predecessor.
How do I leave a legacy?
9 Ways to Leave Behind a Legacy
- Write down family traditions. Even if you no longer do them, traditions give us all a sense of belonging. …
- Write down family stories. …
- Write down stories about you. …
- Pass along skills. …
- Write down family recipes. …
- Family photos (who’s who) …
- Take a DNA test. …
- Start a Family Tree.
- Create an Estate Plan to make sure your family is taken care of when you no longer can take care of them.
We cannot help you with one through eight, but we can certainly help you with number nine!
What is an Estate Plan?
An Estate Plan starts from the simplest of documents such as Powers of Attorney. There are Durable Powers of Attorney, where you leave a personal representative the power to help you with, and if needed, take over your financial responsibilities. A Health Care Surrogate, or Healthcare Power of Attorney, leaves a personal representative the power to carry on your health desires, and act on your behalf of all your medical and healthcare decisions. A Living Will is a Will that remains in place while you are still alive but conveys in more detail what you want to transpire if you become unable to make decisions on your own.
We are not going to live forever and as we age, we run the risk of declining capacity. Some of us lose the ability to take care of things ourselves, leaving usually a loved one or ones with the task of taking care of us. How much easier will it be for the ones you love to take care of you according to your wishes if you have these documents in place.
Estate Plans go on to include a Last Will and Testament which more clearly defines your wishes and allows you to make specific bequests. A Last Will and Testament will make settling your Estate a much easier process for the ones you love. In Florida, a Last Will and Testament does not negate Probate. Probate can be expensive and land your loved ones in the court system for an unspecified amount of time. However, having a Last Will and Testament will allow the executor of your Will a much easier Probate process than if you pass without one. Passing without one is called dying intestate. This basically means that your Estate will be left up to a judge to decide the who, what, where, and when of your Legacy.
Another option to Estate Planning is Trusts. Trusts are the only documents in Florida which negate Probate. Our Trust Plans come with all the Powers of Attorneys, A Living Will, a Last Will and Testament, and your Trust. A trust allows you to specifically define all aspects of how you want your Legacy handed down. Creating a Trust will keep your loved ones out of Probate and is less expensive in the long run. It comes with special features which can help protect inheritances, reduce federal estate costs, provide remarriage protection, discourage family squabbles, protect retirement funds, provide pet care, protect a family business, protect a vacation home, and so much more.
We at Legacy Planning Law Group are passionate about helping you create an Estate Plan that is just right for you and your unique circumstances. We help you establish and protect your Legacy and finish the race strong!
So, this Thanksgiving while you are reminiscing on all you are thankful for, after the turkey has been carved, and family has returned home, think about what your Legacy is and how you would like to leave it.
You can reach us at 904-880-5554 or go to our website to read more about Team Legacy at: www.legacyplanninglawgroup.com
One of our professional team members will be happy to get you started and on your way to protecting what means the most and taking care of your family when you no longer can.
We wish you all the Happiest of Holidays!
Read more related articles:
Leaving a Legacy – Planning Your Estate or Inheritance
Leaving a legacy: Why everyone needs an estate plan
Also, read one of our previous Blogs at:
Estate Planning Is a Gift and a Legacy for Loved Ones
Click here to check out our On Demand Video about Estate Planning.
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