Creating a lasting legacy means more than just passing on your assets — it’s about ensuring your values, beliefs, and intentions live on through the people and causes you care about most. At Financial Services of America, we’re often asked how to approach legacy planning in a way that balances financial responsibility with personal meaning. Below are some of the most common questions we receive.
The difference between legacy planning and estate planning?
Estate planning focuses on your tangible assets — things like your home, retirement accounts, and personal property. It answers the question: “Who gets what?”
Legacy planning goes a step further. It considers the intangible elements of your life — your values, family traditions, charitable interests, and the impact you want to have on future generations. Legacy planning answers: “How do I want to be remembered?”
Together, these two strategies create a more complete plan — one that reflects both your financial priorities and your personal purpose.
What is a legacy trust, how is it different from a regular trust?
A legacy trust is a type of legal tool that allows you to pass down assets while also setting rules or intentions for how those assets should be used. For example, you might use a legacy trust to support education, fund charitable efforts, or protect future generations from poor financial decisions.
Unlike a simple revocable living trust, a legacy trust is often designed to span multiple generations. It can offer greater control, privacy, and protection — especially for families who want their wealth to serve a long-term purpose.
How do I start thinking about my legacy beyond money?
One of the most meaningful ways to begin is by asking yourself:
What values or principles have guided my life?
What do I want my children or grandchildren to remember most?
Are there causes, organizations, or people I want to support long after I’m gone?
Some people choose to write a legacy letter — a personal message or document that shares life lessons, stories, or wishes for the next generation. Others involve family in legacy conversations while they’re still here to guide and influence.
Who should I include in my legacy or estate plan?
That’s entirely up to you. Many people choose to include:
Family members and heirs
Charitable organizations or churches
Friends or caretakers
Educational or community institutions
It’s important to consider not just who should inherit, but how those assets will serve them best. For example, a trust can help support a loved one with special needs, or distribute assets gradually to encourage responsible financial behavior.
How can I minimize taxes and preserve more?
There are two broad categories to understand:
There are several strategies that may reduce the tax burden on your estate:
- Roth conversions can help shift taxable assets to tax-free income over time
- Charitable giving strategies, such as donor-advised funds or qualified charitable distributions (QCDs), can reduce taxable income
- Proper titling and beneficiary designations can help avoid probate and streamline transfers
- Trust structures may help reduce estate taxes, especially for larger estates
Do I need a will, a trust, or both?
Most people benefit from having both.
A will outlines your wishes for distributing assets and can name guardians for minor children
A trust allows for more detailed control — such as setting conditions for inheritance, avoiding probate, or managing assets if you become incapacitated
A trust can also support legacy planning by keeping your plan private and ensuring your assets are used in accordance with your wishes.
How often should I review or update my legacy plan?
It’s a good idea to revisit your estate and legacy plan every 2–3 years, or after major life events such as:
A birth or death in the family
Marriage, divorce, or remarriage
Inheritance or major financial change
New charitable goals or family dynamics
Even if your intentions haven’t changed, tax laws and financial tools may have — and your plan should reflect current opportunities and risks.
Can I create a legacy plan on my own, or do I need help?
While online templates can help with simple wills, creating a comprehensive legacy and estate plan usually requires professional guidance — especially if you want to incorporate tax planning, trusts, charitable strategies, or multi-generational planning.
At FSA, we help clients coordinate with attorneys and tax professionals to ensure their legacy is not only documented, but aligned with their full retirement plan.
What’s the first step toward creating a legacy?
Start by asking yourself this simple question:
“What do I want my life to continue saying when I’m no longer here?”
From there, list the people, values, or causes you want to impact. Then talk with a licensed advisor about your options — including financial tools like trusts, gifting strategies, and tax planning — that can help bring your legacy to life.