Professional Legacy Planning Services
Building wealth takes decades of hard work and careful planning. But what happens to everything you’ve built when you’re no longer here? Elevate Wealth Advisory offers comprehensive legacy planning services to ensure your wealth, values, and wishes are preserved and passed on according to your vision. Whether you want to provide for your children’s education, support charitable causes close to your heart, or ensure your business continues thriving for generations, legacy planning services can help you achieve these goals. Contact us today to start planning for your future and ensure your values and wealth are passed on as you envision.
Defining Your Legacy Goals
Legacy planning goes beyond deciding who gets what. It’s about understanding the impact you want your wealth to have after you’re gone. Start by considering your core values and how you want them reflected in your legacy plan. Do you want to instill a strong work ethic in your children by structuring inheritance in a way that encourages their own achievements? Your legacy goals should also account for the needs of each beneficiary. A child pursuing higher education might benefit from educational trusts, while another who’s already established in their career might be better served with immediate access to inheritance.
Estate Planning Strategies
Once your legacy goals are clear, the next step involves selecting the right legal structures and legacy estate planning services. Here are some estate planning strategies to consider:
- Wills – A properly drafted will ensures your assets are distributed according to your wishes and can designate guardians for minor children.
- Trusts – Trusts offer more flexibility and privacy than wills alone. Revocable living trusts allow you to maintain control of your assets while ensuring a smooth transfer to beneficiaries without probate, while irrevocable trusts can provide tax benefits and asset protection.
- Life Insurance – Life insurance can equalize inheritances among children when some receive business interests and others don’t, or create wealth for charitable giving. Our business legacy planning services can assist with choosing the right life insurance plan.
Tax-Efficient Wealth Transfer
One of the most important aspects of legacy planning services is minimizing the tax impact on wealth transfers. Gift tax strategies allow you to reduce your taxable estate during your lifetime. The annual gift tax exclusion allows you to give $19,000 per recipient (or $38,000 for married couples). For larger gifts, you can use your lifetime gift tax exemption, which shares the same limit as the estate tax exemption. Grantor retained annuity trusts (GRATs) can be particularly effective for transferring appreciating assets. You transfer assets to the trust and retain the right to receive annuity payments for a specified term.
Charitable Giving & Philanthropic Planning
Integrating charitable giving into your legacy plan can provide significant tax benefits while creating a lasting impact on your community. Here are some charitable giving strategies to consider:
- Donor-Advised Funds – Donor-advised funds offer flexibility for ongoing charitable giving. You contribute to the fund, receive an immediate tax deduction, and then recommend grants to qualified charities over time.
- Qualified Charitable Distributions – A QCD, or Qualified Charitable Distribution, is a way for individuals aged 70½ and older to donate money directly from their IRA to a qualified charity. The distribution amount is not included in the donor’s taxable income, and it can be used to satisfy required minimum distributions (RMDs) if you are 73 or older. For 2025, the annual limit for a QCD is $108,000 per person.
Why Work With Elevate Wealth Advisory?
At Elevate Wealth Advisory, we take a comprehensive approach to legacy planning services that goes beyond traditional estate planning. Our process begins with deep conversations about your values, concerns, and aspirations. We believe that technical strategies should serve your personal goals, not vice versa. This means taking time to understand what matters most to you and your family before recommending specific planning tools. We coordinate closely with your existing professional team, including attorneys, CPAs, and insurance professionals. Legacy planning is most effective when all advisors work together toward common goals. We can also recommend qualified local professionals if you need to expand your advisory team.
Begin Your Legacy Planning Today
The sooner you start planning, the more options you’ll have to make an impact with your wealth. Elevate Wealth Advisory offers legacy planning services for families in Athens, GA, combining personalized service to ensure your plan is effective and tailored to your needs. Call us today at (706) 353-2728 or schedule a consultation online to get started.
Frequently Asked Questions
What’s the difference between estate planning and legacy planning?
Estate planning focuses primarily on the legal and tax aspects of transferring assets after death, including wills, trusts, and tax minimization strategies. Legacy planning is broader, encompassing your values, family governance, and philanthropic goals.
Can legacy planning include charitable donations?
Charitable giving strategies are often central to legacy planning. Options include donor-advised funds, private foundations, charitable remainder trusts, and charitable lead trusts.
Do you work with my attorney for legal documents?
Yes, we coordinate closely with your existing attorney or can recommend estate planning attorneys in the Athens area. We provide strategic planning and coordinate the overall approach, while attorneys draft the necessary legal documents.
How often should I update my legacy plan?
We recommend reviewing your legacy plan every three to five years, or whenever you experience major life changes such as marriage, divorce, births, deaths, or significant changes in wealth.
Can you help with legacy planning for blended families?
Yes, blended families often require more sophisticated planning strategies to ensure fairness and clarity. We have extensive experience helping blended families navigate these complexities.
