When deciding for your family’s future upon your passing, you will usually be presented with two options—estate planning and legacy planning.
Both are ways to transfer your assets to your loved ones after you die, ensuring that your estate will never go to unintended beneficiaries and eliminating potential family disputes. However, it’s important to understand that these two are not the same. And depending on your intention, one type of planning may already be enough for your needs.
As a consulting firm in Parkville, Maryland at Macro Resource, Inc. offering both estate planning and legacy planning, let us list down the ways that they differ:
Legacy planning involves a more holistic approach to putting your plans in place. Estate planning, on the other hand, usually only involves the steps to transfer your assets.
You may need to use more advanced tools, such as more trust options, when planning your legacy. On the other hand, as long as you work with a reputable MD tax preparer and consulting services provider, you will easily complete your estate planning.
Estate planning is commonly limited to transferring resources, properties, heirlooms, funds, and other assets that can be manifested physically. And working with a business consulting in Maryland will usually be enough to secure your family’s way of life.
On the other hand, legacy planning can also pass on abstract elements, such as your values to your children, nieces, nephews, and other loved ones. The most common way this is done is by establishing charitable giving.
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