Planning for the future is essential, but when you are estate planning, you may want to think beyond the next generation. There are ways you can make your wealth and property last far beyond your children, benefitting the many generations who will come after. In order to build this type of legacy, you will need to plan thoughtfully and carefully.
If you have grandchildren, they may come to mind when thinking about benefitting future generations. Through intentional planning, you can provide for their college needs and set up your family for success long after you are gone. By leveraging the benefits of certain estate planning tools, you can ensure your Texas family has what they need well into the future.
What do you need?
If you want to provide for loved ones past your children, there are certain things you can do with your estate plan to ensure that happens. Some steps you may want to consider include:
- Trusts are an estate planning tool that allow you to accomplish specific goals with your wealth and assets. Assets left in a trust do not have to go through probate, and it will ensure that heirs and beneficiaries use your wealth in the exact way you want.
- If you want to give money directly to your children and grandchildren, there are ways you can do that. You are able to gift up to a certain amount of money each year without incurring tax penalties.
- There are certain types of savings plans that allow you to pay directly into them, which could allow you to set aside money for the benefit of your children or grandchildren.
Now is the time for you to begin talking with your loved ones about your goals for your estate. It is appropriate for you to instill a sense of financial responsibility in the people who will be managing your money and assets after your passing.
Considering benefits and drawbacks
If you are thinking about how to create an estate plan that will benefit your children, grandchildren and other generations, it is in your interests to start now. It may be beneficial to consider your specific goals and unique situation as you formulate a plan that will allow you to provide support for years to come. With the right plan in place, you will have confidence and peace of mind regarding the financial future of your loved ones.