Get Started with the Legacy Planning Process

Leaving a legacy for your loved ones is about more than just money. It’s about taking stock of your needs and that of your loved ones. It’s about defining how you want your life’s work and hard-earned assets to continue to benefit the people and charities that are important to you. It’s about setting forth a clear plan in order to promote family harmony after you’re gone.

At Members Trust Company, we understand it can be difficult to know where to start and we’re here to help. That’s why we created the brief questionnaire below. By answering just a few questions, you can gain insight into your needs and uncover issues you may want to consider in creating your legacy plan.

Are you married?
Does either spouse have children from a former relationship?
Does the value of your joint estate exceed $22M?
Does the value of your estate exceed $11M?
Are any of your beneficiaries under the age of 18?
Do any of your beneficiaries have special needs – receive, or may receive in the future, public benefits such as SSDI, SSI or Medicaid?
Do any of your beneficiaries lack the discipline to effectively manage money due to disposition, substance abuse or any other reason?
Does your estate include retirement assets?
Are any of your beneficiaries exposed to lawsuits?
Do you feel confident your loved ones will be able to effectively serve as trustee of your trust, managing legal complexity and financial stress while grieving?
Your Legacy Plan Results:
Your loved ones are very lucky to have you. You’re making the right choice by taking the first step in planning ahead to ensure they are provided for when you’re gone.
Below please find a list of topics for your consideration. We hope they help you clarify your legacy planning goals. Feel free to use this list as a starting point for discussions with your attorney.
A plan is only as solid as the person or entity charged with its execution, so it’s important to be thoughtful when selecting the trustee or executor of your legacy plan. A corporate trustee, like Members Trust Company, relieves your family of the burden of dealing with legal complexity during a difficult time. Contact us to learn more: (888) 727-9191.
Your Legacy Plan Results:
Your loved ones are very lucky to have you. You’re making the right choice by taking the first step in planning ahead to ensure they are provided for when you’re gone.
Below please find a list of topics for your consideration. We hope they help you clarify your legacy planning goals. Feel free to use this list as a starting point for discussions with your attorney.
A plan is only as solid as the person or entity charged with its execution, so it’s important to be thoughtful when selecting the trustee or executor of your legacy plan. A corporate trustee, like Members Trust Company with offices at GreenState Credit Union, relieves your family of the burden of dealing with legal complexity during a difficult time. Contact us to learn more: (319) 248-7200.
Blended Families
Blended families face unique challenges with estate planning. The primary concern is preventing potential disinheritance of biological kids from a former relationship.
Minimize Estate Taxes
Those who have an estate valued in excess of the federal or state estate tax exemption amount can plan ahead to minimize taxes and maximize the amount they are able to pass on to loved ones.
Minimize Estate Taxes
Those who have an estate valued in excess of the federal or state estate tax exemption amount can plan ahead to minimize taxes and maximize the amount they are able to pass on to loved ones.
More Than Money
It’s important to think beyond your financial legacy and consider the values you want to promote in future generations. For example, by planning ahead, you can promote the importance of education or the arts by triggering trust distributions upon a beneficiary’s enrollment in an accredited university or an art, film or photography class.
Minor Children
A will is used to designate a legal guardian for minor children in the event of the death of both parents. If neither parent has a will that names a legal guardian, the state will choose one. A trust may be appropriate for beneficiaries who are minors. For more information, click here.
Loved One with Special Needs
Those who want to give money to a loved one with special needs must plan carefully. Otherwise, they could jeopardize their loved one’s eligibility for Supplemental Security Income (“SSI”) and Medicaid benefits. For more information, click here.
Inheritance Protection
By planning ahead with a trust, you can protect beneficiaries from making bad financial decisions that jeopardize their long-term financial security.
Inheritance Protection for Retirement Assets
With Members Trust Company’s FlexIRA, your clients can require periodic IRA payouts to manage income tax consequences and minimize the likelihood that funds are squandered. A FlexIRA protects you in the event of incapacity. For more information, click here.
Potential Creditor Protection
Those who have loved ones who work in litigious industries can protect their inheritance by planning ahead with a trust that generally places trust funds beyond the reach of a beneficiary’s judgment creditors. And while state laws vary, trust assets may also be shielded from a beneficiary’s spouse in the event of a divorce proceeding.
MTC as Corporate Trustee
Studies show that grief interferes with the ability to think clearly, to make decisions and problem solve. A trustee must have the emotional wherewithal to handle complex legal and financial matters. To learn more about the importance of choosing wisely when selecting a trustee,click here.
Trust services provided by Members Trust Company, a federal thrift regulated by the Office of the Comptroller of the Currency. Trust and Investment products are notfederally insured, are not obligations of or guaranteed by the credit union or any affiliated entity, involve investment risks, including the possible loss of principal. This is for informational purposes only and is not intended to provide legal or tax advice regarding your situation. For legal or tax advice, please consult your attorney and/or accountant.
If you would like to have the results emailed to you, please fill out this form.
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