Many people would argue that the most important elements of true wealth are all those things that don't show up on a balance sheet, things like your life experiences, your faith and your values. Here are a few ways you can ensure your legacy lives on for future generations in your family. -Compliments of Gaughan & Connealy | Estate Planning Attorneys

1. Leaving a Lasting Legacy
W H A T I S “ W E A L T H ? ”
W R I T T E N B Y : T H E A M E R I C A N A C A D E M Y O F E S T A T E P L A N N I N G A T T O R N E Y S
Upon hearing this question, your thoughts might run first to material
possessions: money, real estate, and other assets. However, when
you really think about it, your true wealth encompasses the financial
and the non­financial, and many people would argue that the most
important elements of true wealth are all those things that don’t
show up on a balance sheet, things like your life experiences, your
faith, your values, your work ethic, and your family history.
One method for leaving behind a lasting legacy is the Family Wealth
Trust, a planning tool that is flexible in meeting the specific needs of
you and your loved ones. Within a Family Wealth Trust, there are
two levels of protection: the Family Access Trust and the Family
Sentry Trust.
For parents whose children are mature and have proven themselves
to be good money managers, the Family Access Trust provides a
combination of financial protection and flexibility. Your children have
broad access to their inheritances, but the Trust keeps those assets
separate from their personal finances. This allows your children to
protect their inheritances from unexpected events, like a divorce.
For children who are inexperienced with money, or who are facing a
substance abuse problem or a similar issue, the Family Sentry Trust
goes a step further. Not only does it protect your children from
divorce or lawsuits, it also protects them from their own lack of
experience or ill­advised decisions.