Legacy Tips of the Week

Trivia Question❓

Which 17th-century legal reform in England allowed for more flexibility in the use of trusts and is considered a significant development in estate planning history?

Answer at the bottom of the newsletter

Legacy planning for single individuals without spouses or children involves thoughtful strategies to ensure that their assets and values are passed on according to their wishes. Without a traditional family structure, single individuals often have more flexibility but also face unique considerations.

1. Choosing Beneficiaries: For single individuals, selecting beneficiaries for financial accounts, retirement plans, and life insurance is crucial. They can designate siblings, nieces, nephews, friends, or even organizations as beneficiaries. It’s important to keep these designations up to date and to communicate with chosen beneficiaries about the expectations and any specific wishes.

2. Designating Charities: Many single individuals choose to leave a part of their estate to charitable organizations that reflect their values and interests. This can be done through direct bequests in a will or by naming charities as beneficiaries on financial accounts. Creating a charitable trust or foundation can also provide ongoing support to causes they care about, while potentially offering tax benefits.

3. Creating a Meaningful Legacy: Beyond financial assets, legacy planning includes leaving a personal legacy. This might involve writing a memoir, creating a scholarship fund, or setting up a community project. A personal legacy can reflect the individual’s passions and achievements, leaving a lasting impact beyond their lifetime.

4. Legal and Financial Tools: It's essential to work with an estate planning attorney to draft a will, establish trusts, and make any necessary legal arrangements. An attorney can help navigate the complexities of estate taxes and ensure that all legal documents are properly executed.

By carefully considering these aspects, single individuals can create a meaningful and impactful legacy that aligns with their values and wishes.

Are you the parent (or grandparent) of a college bound high school sophomore, junior or senior?

It's been all over the news, the mess that the government has made of financial aid thanks to the FAFSA Simplification act of 2023.

How do you make sure you get the most free money possible?

How do you maximize your child’s chances for admission?

If you are the parent (or grandparent) of a college bound high school student, fill out the form to register and join us for a live, virtual dinner college financial aid and admissions workshop, where we will deliver dinner (or lunch if you are on the west coast) to your door for the first 30 people who register. 

The first ten families that show up live for the training will win another prize valued at $197 each!

Date: Thursday, September 26th

Time: 6-8PM Eastern time

Place: Zoom

Look for the instructions on how to claim your free meal, and your link to attend live in the confirmation emails you get.

Register here

💡 Answer to Trivia Question:

The Statute of Uses (1536).