• Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • (843) 815-8580
  • hunter@montgomeryestateplanning.com
  • 10 Pinckney Colony Road, Suite #402 Bluffton, SC 29910

Montgomery Law Firm, LLC

Your Trusted Estate Attorney in Bluffton, SC

  • Home
  • Our Firm
    • About Our Firm
    • Attorney Profile
  • Services
    • Asset Protection & Business Planning
    • Elder Law & Medicaid Services
    • Estate & Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Financial Planning Assistance
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • Pet Planning
    • Special Needs Planning
    • Trust Administration & Probate
  • Elder Law
    • Are You A Caregiver?
    • Coping With Alzheimer’s
    • Emergency Medicaid & Nursing Home Planning
    • Hospice Care
    • Medicaid Planning
  • Resources
    • Blog
    • DocuBank
    • Elder Law Reports
    • Estate Planning Resources
      • Definitions
      • Estate Planning & Related Forms
      • Estate Planning Checkup
      • Estate Planning Reports
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate & Legacy Planning Techniques
    • Frequently Asked Questions
      • Estate Planning FAQs
      • Incapacity Planning FAQs
      • Legacy Wealth Planning FAQs
      • Trust Administration & Probate FAQs
    • Pre-Consultation Form
    • Special Needs Resources
    • Trust Administration & Probate Resources
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss of a Loved One
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
  • Webinars
  • Seminars
  • Reviews
    • Review Us
    • Our Reviews
  • Contact Us
  • Search
Home / Estate Planning / Legacy Planning: What Is It and What You Need to Know

Legacy Planning: What Is It and What You Need to Know

December 19, 2022 by Hunter Montgomery

legacy wealth planningLegacy planning is a more complete type of estate planning. When you consciously craft your legacy, you can take steps to have an impact after you are gone on multiple levels. Let’s look at the details.

Legacy Wealth Planning

If you have a significant store of wealth you will be passing along to your loved ones, you have serious decisions to make. First, there is the matter of the federal estate tax. It carries a 40 percent top rate, so it can significantly shave down your estate as it is being handed down.

That’s the bad news, but the good news is the exclusion. This is an amount that you can transfer tax-free before the tax will be levied on the remainder. At the time of this writing in 2022, the exclusion is $12.06 million.

There is an unlimited marital deduction that can be used to transfer any amount of property to your spouse tax-free. The only caveat is the fact that the deduction is only available to American citizens.

The exclusion has been portable between spouses since 2011. This means that a surviving spouse can use the exclusion that was earmarked for their deceased spouse.

If your estate will be subject to the estate tax, advanced legacy planning techniques will be necessary to preserve your wealth. Irrevocable trusts are typically used to this end, including the generation-skipping trust, grantor retained annuity trust, and qualified personal residence trust, just to name a handful.

This is a surface explanation, and we will provide a more detailed examination of estate tax efficiency strategies in a future post.

Even if estate taxes are not of concern for you, there are steps you can take to provide for each loved one on your inheritance list in the optimal manner.

Charitable Giving

Philanthropic acts can be personally rewarding, and you can leave a legacy of generosity. There are different ways to set aside resources for causes and institutions that are meaningful to you. A private foundation is one of them, and this can be a great part of a legacy plan.

Direct giving is obviously a possibility, and donor advised funds are another option. With these funds, you make a single contribution, and you get a tax deduction for that year. Subsequently, you make recommendations with regard to the charities you want to support with your contribution.

In this manner, your accounting is streamlined, and the fund donors share the administrative costs. All things considered, this is a very efficient way to satisfy your philanthropic urges.

Family Heirlooms

If you have objects in your possession that have been passed down from generation to generation, you can thoughtfully consider the ideal caretaker for each item. This is a very meaningful part of any legacy plan, and you may want to start giving these gifts while you are still living to enjoy the experience.

Ethical Will

An ethical will is a document that has traditionally been used to record your moral and spiritual values for the benefit of your loved ones. More recently, experts have recommended the utilization of an ethical will to share any information that is meaningful to you.

Family Tree Information

Finally, you can help succeeding generations gain an understanding of their lineage. You have memories and information that can be invaluable to younger family members that are looking into the past. Consider sharing your knowledge in writing or on an audio or video recording.

Schedule a Consultation Today!

These are some of the components that can be included in a legacy plan, and there are others. If you are ready to work with a Hilton Head, SC legacy planning lawyer to put a plan in place, we are here to help.

You can send us a message to set up a consultation appointment, we can be reached by phone at 843-815-8580.

 

  • Author
  • Recent Posts
Hunter Montgomery
Hunter Montgomery
Hunter Montgomery is the owner/managing attorney of the Montgomery Law Firm, LLC.He has been practicing estate planning law fsince 2002. Hunter is a member of the American Academy of Estate Planning Attorneys.

Hunter is a member of the South Carolina Bar Association, the Beaufort County Bar Association, and has served on charitable and advisory boards in the Bluffton/Hilton Head area.

Hunter graduated from Hilton Head High School. He then earned his Bachelor of Science Degree in Economics from Clemson University, in Clemson, South Carolina.

Hunter graduated Cum Laude from Regent University School of Law in Virginia Beach, Virginia, having earned a Juris Doctor Degree. He also wrote his doctorial thesis on Estate Planning Dynasty Trusts.

Hunter has called Beaufort County home for since 1984, where he lives with his wife and two children.In his spare time he dabbles in automobiles, reading history, hunting and fishing.
Hunter Montgomery
Latest posts by Hunter Montgomery (see all)
  • Probate 101 - January 25, 2023
  • SECURE Act 2.0 Provisions Are in 2023 Omnibus Appropriations Bill - January 17, 2023
  • Estate Planning Guardrails for Spendthrift Heirs - January 12, 2023

About Hunter Montgomery

Hunter Montgomery is the owner/managing attorney of the Montgomery Law Firm, LLC. He has been practicing estate planning law fsince 2002. Hunter is a member of the American Academy of Estate Planning Attorneys.

Hunter is a member of the South Carolina Bar Association, the Beaufort County Bar Association, and has served on charitable and advisory boards in the Bluffton/Hilton Head area.

Hunter graduated from Hilton Head High School. He then earned his Bachelor of Science Degree in Economics from Clemson University, in Clemson, South Carolina.

Hunter graduated Cum Laude from Regent University School of Law in Virginia Beach, Virginia, having earned a Juris Doctor Degree. He also wrote his doctorial thesis on Estate Planning Dynasty Trusts.

Hunter has called Beaufort County home for since 1984, where he lives with his wife and two children. In his spare time he dabbles in automobiles, reading history, hunting and fishing.

Blog Subscription

Sign up for our blog to receive the latest estate planning news and updates.

Map

Map

Business Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 5:00 PM
Montgomery Law Firm, LLC

Montgomery Law Firm, LLC. helps you define what's important.

Montgomery Law Firm, LLC

Contact Info

10 Pinckney Colony Road
Suite #402
Bluffton, SC 29910

Toll Free: (843) 815-8580
Mon-Fri: 9:00am – 5:00pm

Quick Links

  • Our Firm
  • Reviews
  • Privacy Policy
  • Disclaimer

Webinars Sign up

© 2023 American Academy of Estate Planning Attorneys, Inc All rights reserved.