You can engage your children in every step of the legacy planning process. Here are some suggestions:
- Hold a family discussion about how your values have been expressed through giving.
- Encourage your children to be involved in the institutions to which you are leaving a legacy.
- Empower your children to continue the tradition of giving.
Depending on your goals, your legacy can be structured in the way that is most advantageous to you. A legacy can be a simple bequest in your will stated in dollar terms, as a percent of your estate, or a specific item of value. Other options include a life insurance gift, a bequest through a trust or foundation, or a gift from retirement plan proceeds. Your attorney, financial advisor, or tax advisor can further assist you.