Just last week I ran across this great article about the different ways you can leave assets to your children. I’m not going to repeat the article here – it’s worth your time to read it, so please do so. What I will say is this – as a Grand Rapids, Mi estate planning attorney I’ve been somewhat surprised by how many families believe their only choice is to pass their assets at their death to their children. As the article points out, there are many ways to leave assets to your children and, there is no single right answer for every family. Remember, estate planning should not be just about what you have, it should also be about who you are. How you leave your estate to your children is a unique opportunity to share your Whole Family Wealth – who you are and what’s important to you. This is truly creating a legacy!
There are just two items I want to repeat from the article because they bear repeating (and are items many families don’t think about):
- “Fair” distributions to your children (or grandchildren) and “equal” distributions are not always the same thing
- There are many benefits to leaving your assets in trust for your kids’ lifetimes – benefits for them and for you
Have questions? Give us a call at 616-827-7596 and discover how you can leave a true legacy for your family!
Michael Lichterman is an estate planning and charitable planning attorney who helps families and business owners create a lasting legacy by planning for their Whole Family Wealth™. This goes beyond merely planning for “stuff” – it’s about who your are and what’s important to you. He focuses on estate, charitable, and asset protection planning for all generations (“young” and “experienced”), the “sandwich generation” (caring for parents and children), doctors/physicians, nurses, lawyers, dentists, professionals with minor children, family owned businesses, and pet planning. He enjoys creating life long relationships with his clients centered on their family’s values, insights, stories and experiences.