Weekly Legacy Planning Tips 1/29/2024

Weekly Legacy Planning Tips

January 29, 2024

Your Life, Your Legacy

Trivia Question❓

In the field of legacy planning, which American billionaire is famously known for saying, "I want to give my kids just enough so that they would feel that they could do anything, but not so much that they would feel like doing nothing"?

Answer at the bottom of the newsletter

Tip Of The Week

Sydney Shaffer is an attorney at Schott, Bublitz & Engel, s.c.

specializing in estate planning and probate.

She emphasizes the importance of creating an estate plan, as it ensures asset protection, preserves your legacy, and safeguards your family.

Shaffer presents six resolutions for the new year to prioritize estate planning.

These resolutions include creating or updating an estate plan, finalizing healthcare directives and a healthcare power of attorney, protecting children by designating a guardian, disinheriting estranged children, and avoiding probate.

To ensure that your wishes are followed, it is advisable to consult with an attorney for personalized advice.

Sydney Shaffer also volunteers at the Marquette Volunteer Legal Clinic.

Farm succession planning is a crucial aspect of family farming that should not be overlooked.

Jolene Brown, an expert in succession planning, emphasizes the significant role it plays in family farms and the potential consequences if not properly addressed.

It is essential to have proper legal documentation that is transparent and shared among family members.

However, these documents also need to be updated regularly to account for any changes.

Neglecting to update vital documents can lead to a lack of security for individuals, such as in the case of a second wife who is left with no protection after her husband's passing.

Brown stresses the importance of gratitude and celebrating the opportunity to pass on the family farm to future generations.

For more information, visit Jolene Brown's website at jolenebrown.

com.

💡 Answer to Trivia Question:

Warren Buffett