Top 10 Things You Can Do to Create a Legacy

As the New Year begins, many of my friends have mentioned what they are doing to ensure their estates and other long term financial planning are directed in a way that reflects their interests and wishes. We thought it would be a good thing to share some general information about what each of us can do to create a legacy and ensure we will continue to make a difference.

1. Prepare a Will - Only 50% of those who pass away have a will. Without a will, you or your loved ones may lose control of your assets.

2. Leave a gift in your will for the nonprofit and charitable organizations that made a difference in your life. Less than 6% of American households have included nonprofits in an estate plan. Imagine the impact on our community if everyone made a donation to a favorite nonprofit!

3. Leave a specific dollar amount or a percentage of the assets of your estate as designated in your will to a nonprofit of your choice.

4. Consider using assets for your charitable gift - These may include, but are not limited to: stocks, bonds, CDs, real estate, vehicles, art, and jewelry. Such gifts may even provide tax savings.

5. Name a nonprofit of your choice as a beneficiary of your pension plan or IRA.

6. Purchase a new life insurance policy naming your favorite nonprofit as the beneficiary.

7. Name your favorite nonprofit as the beneficiary of an existing life insurance polilcy.

8. Remember loved ones with memorial gifts.

9. Encourage family and friends to leave gifts to nonprofits in their wills.

10. Ask your financial advisor to include charitable giving as a part of client counseling.

Give some thought to how you can use this information. Attorneys, Financial Consultants, and other advisors may be able to help you set up a plan that will address your wishes rather than leaving the process to chance or the state.