In addition to making an estate plan, it is a good idea to do substantial planning to support your progress towards the things that you hope to accomplish during your lifetime. This is legacy planning, and, just as an estate planner uses wills, trusts, and other documents to create a legal framework that will guard and manage your assets when you die, it involves the use of documents to create a legal framework that will support you in accomplishing the goals that you are pursuing as you live your life.
Legacy planning focuses on who you are and what your plans are for your life. It captures the “why” behind the things that you do and creates legal structures that protect and support your life’s work. Some of the things that people do in legacy planning include starting businesses, creating trusts that support work that is important to them, and creating mechanisms for preserving creative works.
Legacy planning involves the creation of legal structures, which must be done with the aid of an attorney. For example, your attorney can help you determine the best legal form for the business that you want to launch because different business forms have distinct advantages and disadvantages depending upon what your business is. They can help you select the best possible way to provide a stream of resources to a charity or other type of organization that does work that is meaningful to you, whether that is by creating a trust or setting up some other type of arrangement. Whatever your life goals are, if there are legal structures that can support you in accomplishing them and protect the works that you create, your attorney can help you create them.
For example, if you are a musician or an artist, whether you have achieved fame already or not, your music and art are valuable to you, to those you love, and to people who have not even heard or seen it yet. Your attorney can help you obtain legal protection for your creative works, and they can help you plan for the preservation of those works both during your lifetime and after your death. Legacy planning is not just for artists, though. Whether you have built homes for yourself and your family to enjoy, started one or more businesses, created a unique collection, or done any other type of creating, you have worked to make an impact on this world that you can both protect at present and plan to care for into the future.
If you live in Kansas and you have any estate planning questions, please call the law office of J. Joseph Weber, P.A. today, at (316) 265-7802 to set up an initial consultation. Our convenient office location in Wichita is open weekdays, from 8 a.m. to 5 p.m. We occasionally offer weekend or evening hours by appointment. If you prefer online contact to calling, please take the opportunity to connect with us online through our website.