As commander of coalition forces during operation Desert Shield and Desert Storm, General Norman Schwarzkopf left behind a legacy as a great military commander when he died this December. He also left behind a legacy that can teach us a lot about estate planning, even if we did not serve in the Armed Forces or were not as noteworthy or famous as the late general.

Legacy Planning

Part of estate planning is not simply making choices about who we leave our money to and how we can best structure our estate to minimize tax exposure, but it’s focused on the broader picture of protecting our legacy and leaving behind a memory of which we would be proud.

When Mr. Schwarzkopf left the Army, he could have taken any number of paths that would have affected his legacy. He could have remained in the public eye, entered into politics, or taken positions that could have impacted his legacy positively or negatively. Instead, General Schwarzkopf chose a mostly private life that was lived outside of the public eye. By maintaining this position and not becoming involved in disputes or political fights, the general’s legacy remained largely intact when he retired soon after leaving the successful Gulf War.

Veterans Benefits

As one of the highest ranking military officers of his time, the general not only had notoriety, but also had access to all the veterans benefits that’s everyone who has served in the Armed Forces can access. Veterans have access to benefits such as aid and assistance, survivor benefits, commissary access, and a range of other programs that can help you now, and help your family after you die.

Byrd : Garrett, PLLC is a member of the American Academy of Estate Planning Attorneys.

As you develop your estate plan, your thoughts will naturally turn towards your funeral arrangements and the legacy you leave behind. Today, while choosing your tombstone, monuments, or other permanent marker, your available choices have expanded considerably beyond the traditional options. For some people, the option of choosing a digital marker is rather appealing, especially given the rather limited space and options that come with tombstones or other grave markers.

If you already have a presence on the Internet, you may wonder what happens to that presence after you die. For example, it’s estimated that about 400,000 Facebook users die every year in the United States. Where does their Facebook information go? What happens to their pages, or their websites?

While you cannot always choose what happens on another company’s website, or something on a social media page, you can leave a digital grave marker. This Will allow you to the ability to control your legacy better by including photographs, video, audio files, digital images and other digital information of your choice.

However, you should use caution if you choose to use any digital tombstone service. Technology changes so rapidly that what may seem like a good idea today may not exist tomorrow. If you are worried about an online presence where people can remember you, you should consider using redundant services or making specific directions in your estate plan.

Byrd : Garrett, PLLC is a member of the American Academy of Estate Planning Attorneys.

Legacy planning is an advanced form of estate planning that allows you to leave special funds and special bequests to your family and your community. So, is a legacy plan right for you? To decide, you must weigh the benefits against the financial cost.

Benefits

You can tailor a legacy plan to provide special funds and inheritances for your family and community. For your family members, you can use Irrevocable Trusts tailored to their needs and your desires. Such Trusts make inheritances easier if your children are minors, if you are part of a blended family, or if you simply want to leave a special inheritance for each family member.

For your spouse you can create an AB Trust, which allows you to divide your estate in half for tax purposes as well as providing asset protection for life. For your children and future generations you can create a Dynasty Trust that will provide continued financial support as well as asset protection.

You can also leave a special sentimental inheritance for your loved ones. To leave them with a piece of your personal and family history, you may want to consider creating one or all of the following: personal letters to each loved one, a written memoir or a written family history.

You can also use a legacy plan to leave special funds to a charity via a Charitable Trust. Such a Trust allows you to provide continued assistance to a cause close to your heart even after you have passed away. A Charity Trust also lowers your estate taxes and provides income tax benefits.

Costs

Because a legacy plan allows you to create special inheritances tailored to each beneficiary, the creation and maintenance of this plan may be costly. The longer a Trust lasts, the more maintenance fees will eat away at funds. If the inheritance you wish to leave is not substantial enough to warrant the cost, you may prefer a different form of estate planning.

Byrd : Garrett, PLLC is a member of the American Academy of Estate Planning Attorneys.