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Leave a Legacy

When planning for the distribution of your assets to family members and other beneficiaries, it’s important to consider the:

  • Needs of your dependants
  • Finer points of charitable trusts, dynasty trusts and other financial legacies
  • Tax implications of asset distribution and other complex situations

Planning Documents

As you work through the estate-planning process, consider seeking insight and advice from your attorney and your tax advisor.

Create Your Will

In addition to creating a distribution plan for your assets, a will gives you the opportunity to select an executor and name guardians for any minor children or dependents.

Designate Your Beneficiaries

Update your beneficiary designations on a regular basis, especially following major life events, such as births, deaths, marriages and divorces. Inform all beneficiaries of any plans in which they are designated. Consider a Stretch IRA to create a source of income for several generations of your family.

Create a Health Care Directive

Also known as a living will, a health care directive provides explicit and legally binding instructions as to whether or not you wish to receive life-sustaining medical treatment should you become incapacitated or terminally ill.

Appoint a Power of Attorney

A durable power of attorney authorizes someone you trust to handle your financial matters should you become incapacitated. Update your power of attorney documents on a regular basis to ensure that they remain compliant with current laws.

Strategies

Legacy planning requires a good deal of thought and expertise. Your attorney and your tax advisor may be able to provide valuable assistance.

Trusts

Establishing a trust allows your estate to avoid probate and increases the likelihood of a more expedient and less expensive settlement.

Learn more about trusts and estate planning.

Planned Gifts

Any assets that you donate may reduce the taxable amount of your estate. Popular forms of gift giving include charitable donations and college savings plans.

Tax Planning

Although property received by a surviving spouse is generally exempt from estate taxes, your tax advisor and your attorney may be able to help identify ways to structure your bequests to take advantage of exclusions and minimize estate taxes.

How can an Investment Counselor from BB&T Investment Services, Inc. help?

Wills, powers of attorney, trusts and other wealth transfer options are important considerations that may help in meeting your estate planning goals. Establishing these will require the help of an attorney or a tax advisor. However, a BB&T Investment Services, Inc. Investment Counselor can work closely with you and can provide the investment services needed to implement your plan.

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