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Estate Planning for Blended Families – Part One

INTRO: I spend most of my time helping clients establish and update their estate plans so that they can efficiently pass on assets to loved ones. I also like to help clients enhance or “supercharge” their estate plans so as to transform them into real “legacy plans.” A powerful way to do this, as described in my article below (and on my website) is to have a legacy video created. Your video can be your heart-felt way to share special life stories, values, life lessons, or any number of things you deem important. This can be a source of meaning and joy to your loved ones and future descendants that goes far beyond anything you can do via traditional estate planning.

If you or any of your relatives or friends like the idea of creating your own legacy video (or creating one for your parents or grandparents), I encourage you to contact me. I would be delighted to tell you more and to put you in touch with April Bell, the terrific legacy video producer with whom I’ve associated to provide this very special service.

As people get older, they often appreciate how interesting history is and how many valuable lessons can be learned by studying it. Ironically, family history, including the stories and lessons closest to our hearts, is not often given much attention. Many people know shockingly little about the lives of their grandparents and some don’t know all that much about the younger lives of their own parents.

As the saying goes, “life is short.” We all want to be productive and useful during our lives, and wish to leave a meaningful legacy of some kind – maybe to the world, but certainly to our loved ones. How does one do that?

A good starting place is to protect your loved ones by engaging in good, practical financial, insurance, and estate planning. I take great pride in playing an important role for my clients by helping them establish comprehensive estate plans.

Most folks, however, miss a wonderful opportunity to incorporate something more special into their planning – taking specific steps to ensure that their stories, values, life lessons, hopes, aspirations and/or dreams are passed on to loved ones.

Lip service is given to how these “intangibles” are ultimately much more valuable than material wealth. Yet, compelling and marvelously illuminating personal and family stories, feelings, morals and such are too often lost forever when someone dies. Sadly, the essence of these deceased loved ones is then unavailable to help teach their descendants the ways of the world; how to adjust their compasses; and what tools they might employ to help them enrich their life journeys.

PART TWO: More advice from Rob in ESTATE PLANNING: Leaving a Powerful Legacy – Part Two.

This article is intended to provide information of a general nature, and should not be relied upon as legal, tax, financial and/or business advice. Readers should obtain and rely upon specific advice only from their own qualified professional advisors. This communication is not intended or written to be used, for the purpose of: i) avoiding penalties under the Internal Revenue Code; or ii) promoting, marketing, or recommending to another party any matters addressed herein.

ESTATE PLANNING LEGAL SERVICES: Need to find an estate planning attorney in Walnut Creek CA? Contact Robert Silverman at 925-705-4474 for legal advice on Revocable Living Trust, Wills, Durable Power of Attorney, Advance Health Care Directive, Special Needs Trusts, and Irrevocable Trusts & Advanced Estate Planning, including Irrevocable Life Insurance Trust (ILIT), Qualified Personal Residence Trust (QPRT), Defective Grantor Trust (IDGT), Grantor Retained Annuity Trust (GRAT), “Crummey Trust”, and various types of Charitable Trusts.

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