As we promised, here is a guest post article from an Estate Planning Law Firm.

The Eastman Law Firm – Kansas City Legacy Planning Attorneys

Legacy Planning – What is it?

The Eastman Law Firm focuses on estate planning issues.  But instead of just calling it “estate planning” we really want to dig deep with our clients, which is why we call it “Legacy Planning.”  So, what’s the difference between the two?  Estate planning is a great legal discipline that focuses on the basic end of life issues.  It deals with the basics of wills, trusts and all matter of death issues, including inheritance taxes, probating an estate, etc.

Legacy Planning is much more than that.  Instead of just focusing on death issues, we focus on how to create a lasting legacy – even while you are alive.  This planning is an effort to help our clients develop a plan that best utilizes all of their resources.  This is a lot more than just money.  It could be that the legacy focuses on charitable giving – both monetarily as well as effort, or even other expertise.  For example, if your client has special knowledge of Belize in Central America, then maybe you will want to work with them on a way to mobilize people in the United States to travel, on a yearly basis, to Belize to help that country with some of its unique issues.  Although this does not cost the person any money, it would create a lasting legacy that would capitalize on their knowledge, experience and other specialities that they have gathered over the years.

How does this apply to a Last Will and Testament?

Legacy Planning includes all of the basics of estate planning in a last will and testament.  We help our clients determine who gets their stuff, who can take care of their children and any other issues that they have.  Further, we go one more step and help them to think through how their assets are best utilized both during life and after their death.  Many clients want to leave their wealth to their children – which is great.  Others want to utilize those funds in a different way, which can help others that are less fortunate than their children.

We create special provisions within a Last Will and Testament, including testamentary trusts, to help our clients achieve this.

What about a Revocable Living Trust?

We use Revocable Trusts on a regular basis.  There are two main reasons that we do this.  First, we believe that the privacy afforded is well worth it.  Second, the cost savings during the probate process can be significant.  Finally, we also want our clients to have a significant amount of flexibility.
You see, a legacy plan is usually not a static proposition.  Instead, we know that our clients change over time.  So, we provide those tools that help them meet their changing goals and desires.