Estate Planning
Legacy is not leaving something for people.
It’s leaving something in people.
~ Peter Strople
Living Your Legacy
As part of Colman Knight’s strategic objectives for 2022, a special focus will be Estate Planning, which we call Life Legacy. Clients can anticipate a deeper dive into their estate plans over the next several years. Our tools and processes are sharpened to clarify your legacy map to meet your wishes and intentions. If this is an area you are feeling a particular call to engage right away, please let us know.
In addition to the practical documents such as wills, trusts, powers of attorney and healthcare proxies, there are deeper elements of the legacies we leave behind, as well as consciously share while we are alive: wisdom, perspective and blessings for our loved ones.
Look forward to invitations from Colman Knight in 2022 to thoughtfully engage legacy conversations in guided writing salons, writing prompts to engage on your own, or as part of our estate planning discussions.
In this newsletter:
- Legacy Conversations and Ethical Wills
- Using Trusts to Counter Estate Taxes
Legacy Conversations and Ethical Wills
In October this year, two Colman Knight members, Gayle and Knight, attended the NAPFA (National Association of Personal Financial Advisors) conference, to continue their lifelong education on topics to serve financial planning clients.
They attended an engaging session on legacy conversations with Susan Turnbull of Personal Legacy Advisors, who shared resources for pointing individuals towards their values and the intangible wealth they have to share.
We are equipped with prompts and templates for you to compose letters to loved ones. The aim is to support the development of that piece of the puzzle, so that it lands in a way that expresses your thoughts and feelings. Often folks can give good instructions for handling practical matters, but may miss the chance to say “Why I love you.”
During the holidays, parents may find the opportunity to connect with their children for long conversations. The communication does not have be arduous; rather a heartfelt sharing of the values you wish to transmit and what is most important for them to know and understand about you.
A truly meaningful gift may consist of appreciation and blessing:
- What are your hopes for them?
- What is the one most important thing you want to say to them?
Other available tools are designed to accompany the transfer of assets, with layers of meaning:
- What is the story behind the assets?
- What are the reasons they exist?
- What have you learned about money?
- What is your definition of success?
The most valuable gifts you can offer your descendants are your values, stories, relationships, wisdom, and clarity of communication — not financial assets alone.
© Personal Legacy Advisors
Using Trusts to Counter
Tougher Estate Taxes
On the purely practical side, this article offers strategies for navigating recent changes in tax laws, as they pertain to estates. As you know, Colman Knight houses two tax experts who are well-versed in proactive planning strategies to protect your assets as they undergo transfers and transitions. Let us know if this article mentions a strategy that you would like to explore.
Financial Advisor Magazine:
How Trusts Can Be Used to Counter Tougher Estate Taxes
Colman Knight wishes you
a restful and rewarding holiday season.
We look forward to
a focused and productive 2022,
continuing our mission of benefitting clients
so that they may live
their most meaningful life.
As communicated by email, please remember that our offices are closed December 24-31. For urgent matters, please call our office at 978-371-2015. Your call will be forwarded to a Colman Knight member on standby.
