Tampa Legacy Planning Attorney

We all hope to leave a legacy after we die. What that legacy is will depend on a number of factors, such as our wealth, personal values, and the relationships we have with our family and other loved ones. It also depends on how well you plan ahead.

Legacy planning may sound like something that is grandiose or something that only high net-wealth individuals need to think about. But legacy planning is about more than just money. It is about ensuring that your own lifetime of work will go to support the people and causes that you care deeply about. An experienced Tampa legacy planning attorney can help you along this journey. Knudsen Law is a full-service Florida estate and probate firm that can advise you on a number of strategies for making sure what you leave behind is more than just fond memories.

Estate Planning vs. Legacy Planning

A question we often get is whether legacy planning is the same thing as estate planning. The answer is, “yes and no.” Estate planning is absolutely a key element of legacy planning. There are, however, some important distinctions.

One way to look at the distinction is that estate planning focuses on tangible financial goals. This includes deciding who will inherit your property, how to protect your assets from potential estate tax liability, or maintaining the privacy of your assets by placing them in a trust. Legacy planning includes all of this, but it is also meant to address more intangible goals.

For example, do you want part of your estate to fund a charity or similar cause that aligns with your values? If so, what is the best way to accomplish that goal? Your legacy plan may include funding one or more trusts that go beyond simple estate planning.

Similarly, if you are looking to build wealth for future generations to enjoy, your legacy planning needs to think about how you are managing your finances now while you are still alive. You may need to make certain adjustments to your retirement planning or other investments. Or if you own your own business, you may need to set up or revise its existing legal structure to ensure it can remain operational under new ownership when you retire or pass away.

Legacy planning also means consulting without your entire family about your wishes, goals, and values. You need to make sure that everyone is on the same page. A legacy plan is not a one-person affair. It can have far-reaching effects on your family, including descendants who may not even be born yet.

Our Tampa Legacy Planning Attorneys Can Help

No matter where you are in life right now, it is never too early to think about your legacy. Our Tampa legacy planning attorney is happy to sit down with you, discuss your long-term goals and needs, and advise you in developing a strategy that will help to ensure you are remembered long after you are gone. Contact Knudsen Law today at (727) 398-3600 to schedule a consultation.