When you’re thinking about leaving a legacy with your estate, you face three major challenges. Ambassador Advisors is here to be your expert, objective guide through these difficult decisions.
First, taxes can be a source of confusion and frustration. Every asset has the potential to be taxed differently. There are three groups that go after your assets when you pass away: heirs, charity, and ‘Uncle Sam.’ With proper planning, you can choose any two out of those three to bless.
The second challenge of legacy planning is long-term illness. With costs exceeding $100,000 per year for skilled nursing care, you must understand ways to protect your assets from the effects of long-term illness. Additionally, you must consider the effects of Medicaid spend down and estate recovery on your financial situation. Ambassador Advisors’ experts can help you plan for the future by calculating how much your long-term care might cost, so you can plan appropriately.
The final challenge is a lack of communication. While often overlooked, the impact of your decisions on family members can be massive. Including them in your process and educating them on your core values can be a vital time of growth and a caring expression of love. The principles of your life, such as your views on money, religion, ethics, and family can be passed on to the next generation when the effort is made to do so. Without communicating effectively what you want to have happen upon your passing and what your intentions are for how circumstances will be arranged, the idea of leaving your lasting legacy is lost. You can minimize the effect of a lack of communication through Ambassador Advisors’ Family Legacy Discovery process.
Call Ambassador Advisors at (717) 560-8300 today to learn how you can personally overcome the three major challenges of legacy planning.