In this brief article, I’ll discuss passing intangible assets through Estate Planning.
In addition to monetary wealth, Minnesotans should consider utilizing a trust to pass along human and intellectual wealth. These are the intangibles. Estate Planning shouldn’t be only about passing along money and expensive tangibles. The affluent understand that it is their character, values, beliefs…the human assets that keep their legacy passing from generation to generation.
You probably know that Warren Buffet is a very philanthropic person. Part of his legacy is that his heirs be involved in causes that are important to him. For some clients the intangibles are stories and lessons that they wish to pass from generation to generation. Other clients lay out their wishes for their loved ones to study a vocation, run a family business, and continue family traditions of charitable inclination.
Intangibles can easily be included in an Estate Plan by utilizing videos or writing letters to a child to be opened at certain stages or ages of the child’s life. What’s great is that if you live to be 100, your loved ones can watch the videos and read the letters reminding them of your love for them.
Ensuring your legacy passes requires more than planning for the transfer of money. It also requires planning for the transfer of human intangible assets.
To set up your Trust-based Estate Plan and assist with keeping your legacy alive, call Minneapolis-based Metropolitan Law Group PA at (612) 524-9414 to meet with Attorney Lisa Haster. Lisa is the founder of Twin Cities’ Metropolitan Law Group PA, JDsync syncing attorneys with support virtually and is a best-selling author.