what is a legacy attorney

Full Answer

What is legacy in a will?

Technically, legacy does not include real property (which is a "devise"), so legacy usually refers to a gift of personal property or money to a beneficiary (legatee) of a will .

What is a residuary legacy?

A residuary legacy is a bequest of all the testator's personal estate, not otherwise effectually disposed of by his will. A vested legacy is one by which a certain interest, either present or future in possession, passes to the legatee. A contingent legacy is one which is so given to a person, that it is uncertain whether any interest will ever vest in him.

Do I Need a Completely New Plan?

No. Legacy planning does not take the place of your existing estate plan, but adds to that plan by focusing on things that are typically overlooked in traditional estate planning. A traditional estate plan focuses on protecting, growing, and eventually distributing the tangible assets you acquire over the course of your lifetime.

How Does Legacy Wealth Planning Work?

The first, and most important step, in legacy planning is to decide what you want your legacy to be. Ask yourself what beliefs, philosophies, and values helped you to become the person you are today.

Contact Illinois Legacy Wealth Planning Attorneys

For additional information, please download our FREE estate planning worksheet. If you have additional questions or concerns regarding legacy wealth planning in the State of Illinois, contact the experienced legacy wealth planning attorneys at Hedeker Law, Ltd. by calling (847) 913-5415 to schedule an appointment.

What is legacy trust?

A legacy trust is also referred to as a “wealth trust.”. In its basic sense, a legacy trust is an irrevocable trust. It allows you to put aside assets to preserve them for future generations, including children and grandchildren.

Why is a legacy trust important?

This means that a legacy trust can be an effective way to reduce estate taxes. It also avoids multiple taxations on trust assets. Usually, money transferred from one generation to the next will be subject to taxation upon each transfer. The legacy trust operates to avoid this from happening.

Why do you put assets in legacy trusts?

Placing assets in the legacy trust places them beyond the reach of creditors and judgments. This is because the trust effectively acts as a wall against creditors. Furthermore, a legacy trust can have significant tax benefits. It is not subject to Internal Revenue Service Rules that apply to a tradition estate.

What is estate planning?

Estate planning is perhaps most commonly associated with wills using this type of legal document to memorialize wishes regarding how you want your property distributed when you pass away. Estate planning, however, can go far beyond employing a will to distribute property to your heirs.

Can a legacy trust be changed?

It is most common to establish a legacy trust during a person’s lifetime, making it an “inter vivos” trust, through making annual gifts as a means of transferring assets to fund the trust. While the fact that the trust is irrevocable makes it rigid in the sense that the terms of the trust cannot be changed, there is some important flexibility offered by the trust as far as asset protection goes. It is important to note, however, that a legacy trust cannot have the trust settlor, or “donor,” act as trustee. Someone else must be appointed to this position.

Legacy & Estate Planning

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