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Planning Your Legacy

By Matt Justice and Mark W. Burkholder, Peachtree Planning

Planning. We all know we should do it.
Indeed, we all do it much of the time to
some degree. We plan dinners. We plan
parties. We plan vacations. Legacy or estate
planning is our ultimate chance to plan the
future. You’ve been financially responsible
all your life and have worked hard to build
the foundation of assets upon which you
plan to retire. Now it’s time to think about
what might happen to all of that in the
event of your death.

Do You Have to Leave a Legacy?

There are two schools of thought. First are
those who feel they have earned the right –
literally – to enjoy retirement to the fullest
and spend down those assets. Leaving a
legacy is optional; a “nice to do” but not
required. Then there are those who feel it is
the continuation of parental responsibility;
one last contribution to the security of
one’s children and grandchildren. In either
case, as part of your retirement plans, you
do need a legacy or estate plan so that any
assets you may have when you die will go
to those whom you wish and, in a manner
designated by you not by the government of
the state in which you live.
from bad decisions, divorce or lawsuits. Estate planning can be your contribution
Who Matters to You? These include establishing a staggered trust to the future. It allows you to direct how
to disburse assets in stages (i.e., when the your remaining assets are distributed. It
As you begin to formulate your legacy, ask beneficiary reaches age 25, 30 and 35) or in can allow you to contribute to the security
yourself whom do you want to receive your some other form of trust. of someone important to you or further
assets and possessions when you pass away. the cause of an organization you wish to
Typically, this would be your children, If your legacy plan includes one or more support. It is an important part of good
but it could be parents, nieces, nephews, minor beneficiaries, things get a little retirement planning. n
close friends or others you simply wish to more complex as, legally, they cannot
acknowledge or benefit such as a charity or inherit property. In addition to the options To reach Matt or Mark:
nonprofit organization. Whom you choose mentioned above, when it comes to a Matt Justice
to include is very much up to you. minor’s inheritance, there are restricted Mobile: (404) 384-4140
accounts such as those established under Office: (404) 260-1649
Passing on Your Legacy the applicable state Uniform Transfers to matt_justice@peachtreeplanning.com
Minor Act (UTMA account) or Uniform www.peachtreeplanning.com
As you consider those to whom you want Gifts to Minor Act. (UGMA account). www.IHelpIndependentAutoDealers.com
to leave a legacy, you might think about
how best to convey an inheritance. For Not everyone needs to establish a trust or a Mark W. Burkholder
most adult beneficiaries, one lump sum restricted account. You should consult with Direct: 205.965.3437
would probably do. Yet, if the beneficiary is your legal, tax or financial professional who Fax: 205.930.9430
weak in money management skills or is in a can provide guidance on your situation and mark.burkholder@peachtreeplanning.com
marriage you view as less than secure, there concerns. www.peachtreeplanning.com
are other options to protect your legacy www.IHelpIndependentAutoDealers.com

34 | GIADA Independent Auto Dealer SEP/OCT 2020