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Legacy planning: leaving a values-laden imprint for the future

Leaving a lasting legacy.

What an exciting prospect that truly is, for virtually any individual who is thinking about his or her family and future generations.

Sound and effective estate planning is the vehicle that can drive such an outcome. Having a candid discussion with a proven estate administration attorney can deeply impress upon a planner the meaningful options available that can help provide for heirs and other loved ones years down the road.

We note in a Hayes & Wilson PLLC website article on legacy planning that wills, trusts and other estate planning tools can be implemented in ways that do far more than simply distribute money to family members in future years.

As we state in that article, many people in Texas and elsewhere -- especially members of the baby boomer generation -- "are rethinking the way their parents traditionally passed along family wealth."

That, of course, has historically been through will bequests, a simple and straightforward method for redistributing family wealth.

Although that is unquestionably an enduringly viable and important way to ensure planning desires are carried out, it is not the only way.

Indeed, increasingly more people are thinking about passing along more than just money to future generations. As our article conveys, they are "coming up with options that concentrate more on values than money."

In one case, that might mean a desire to establish a private nonprofit foundation for charitable giving, with central involvement by heirs over successive generations. In another case, it might mean the setting up of one or more charitable trusts or lifetime giving to heirs marked by annual disbursements rather than by a lump sum specified in a will.

The options are indeed many, and they underscore that estate planning can be deeply meaningful for its ability to incorporate family values and pass them along to future generations.

A proven estate planning attorney can provide detailed information.

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