Legacy planning is simply planning for the future. Wills, trusts, medical directives, power of attorney, insurance coverages and educating the next generation should be addressed and plans implemented and periodically reviewed.
Estate Planning is also an important component of legacy planning. Simply put, estate planning is determining who you want to get what and when you want them to get it. If you have a taxable estate, you can leave your wealth to your family, charities or the IRS. You get to pick two of the three. Competent attorneys, specializing in Estate planning should be involved in planning discussions and document preparation and filing.
This material is for informational purposes only and does not constitute a direct offer to buy or sell any investment. Because investors situations and objectives vary this information is not intended to indicate suitability for any particular investor. This material is not to be interpreted as tax or legal advice. Please speak with your own tax and legal advisors for advice/guidance regarding your particular situation. There are risks associated with investing in real estate and Delaware Statutory Trust (DST) properties including, but not limited to, loss of entire investment principal, declining market values, tenant vacancies
Investing in alternative assets involves higher risks than traditional investments and is suitable only for sophisticated investors. Alternative investments are often sold by prospectus that discloses all risks, fees, and expenses. They are not tax efficient and an investor should consult with his/her tax advisor prior to investing. Alternative investments have higher fees than traditional investments and they may also be highly leveraged and engage in speculative investment techniques, which can magnify the potential for investment loss or gain and should not be deemed a complete investment program. The value of the investment may fall as well as rise and investors may get back less than they invested.