Money Isn’t Everything in Estate Planning

When people first begin discussing their estate plan with us at Riverside Healthcare Foundation, money may be the most talked about wealth in a person’s estate—but we know that the riches of experience and wisdom can mean even more to family members down the line.

You can reinforce family traditions in your estate plan alongside your wishes regarding your money, property, and belongings. After all, what really makes a family a family is its values and traditions—not the way finances read on paper. Here are some ways to start.

Tell your story through your estate plan

It’s a delight to get to hear your elders’ stories of their fondest memories and wildest adventures, as well as the struggles they overcame to get the family where it is today. This wisdom provides meaning for a financial legacy that might otherwise just be viewed as a windfall. As part of your estate and legacy planning, you can decide to record your own personal history. Here are a few ways to share it with your family:

● Audio files: With the broad range of audio formats available today, you can record in the way that’s easiest for you—anything from a handheld cassette recorder to the voice memos app on your smartphone.

● Video files: Older film formats can be easily digitized and organized along with the videos from your phone. Today’s technology also makes it easier than ever to add narration and context to a video, making the story all the richer.

● Photo albums: Many families have prized photo collections that catalog generations. Consider creating a digital library. Not only will your family have access to these memories at any time, but they can also feel secure knowing that these family treasures won’t be lost anytime soon. As an added bonus, multiple copies can be made for the different branches of the family.

● Letters and other writings: If you enjoy writing, you can include letters or stories to your family members in your legacy plan to be received and read at the time of your choosing. You may also choose to include past letters and postcards; it’s not only a personal delight to relive the memories of the past by reviewing your old letters and postcards, but it's also a great way for younger generations to get to know and sincerely appreciate your life journey and legacy.

Pass your values to the next generation

Some estate planning strategies blend your finances and personal values. For example, perhaps you feel most passionate about the need for your beneficiaries to travel and gain worldly experience, continue a unique family tradition like sailing or astronomy, or support meaningful charitable or spiritual work. You may choose to draft trusts that contain funds specifically set aside for these endeavors.

● Educational trusts: If you value education, you might want to set up a trust to fund college degrees, study abroad, or even community classes for future generations. Because of sharp increases in educational costs, your grandchildren will likely stand to benefit immensely from an educational trust.

● Incentive trusts: Similar to the way educational trusts set aside wealth to fund a beneficiary’s schooling, incentive trusts can also help encourage some life paths while discouraging others. For example, an incentive trust could contain instructions for disbursements to be released when the beneficiary is working a part- or full-time job; or if family vacations were an important part of your upbringing, you could set aside funds specifically for your grandchildren to experience the same tradition you enjoyed.

● Charitable trusts or foundations: Charitable trusts or foundations establish a legacy of supporting a particular cause, but they also have the added financial benefit of reducing income and estate taxes. They are an excellent way to help a charitable organization that’s central to your core values and make your name associated with that philanthropic effort for generations to come.

Are you looking to plan your legacy gifts or include Riverside Healthcare Foundation in your estate? Our estate planning experts at Riverside Healthcare Foundation are here to help you. Whether you need guidance on updating your estate plan or want to learn more about planned giving options, we have the knowledge and resources to assist you. Contact Ann Offermann at AOffermann@rhc.net or (815) 933-7799 to start planning today.