Do you have “Legacy Assets”? In the attached video, I discuss these assets and the issues that they present in estate planning.
First of all, what do I mean by a “Legacy Asset?”. It’s an asset that your intention is to pass through multiple generations without being sold.
The most common types of assets like this are family farms, ranches, getaway homes, and vacation spots that are dear to your family. Or sometimes, oil and gas mineral interests.
We don’t want to have to transfer these assets with each generation and the unnecessary expense to do that. But, here is a very important point: we don’t want those assets to be subject to being sold to qualify some member of the family, now or in the future, for government assistance such as Medicaid. That is how you lose your legacy.
So, good planning for these assets is to take them out of the threat of ever having to be sold for those purposes and protect that legacy for your entire family.
We can do that for you and look forward to talking to you about those opportunities.
This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, specific tax, legal or accounting advice. We can only give specific advice upon consulting directly with you and reviewing your exact situation.
