Morrison Law Group, PLC

Estate Planning | Business Planning

Attend a Free Workshop SCHEDULE A CONSULTATION

Offices in Metairie & Covington (504) 831-2348

  • Home
  • Our Firm
    • About Our Firm
    • Attorney and Staff Profiles
    • Estate Planning Pre-Consultation Form
    • Reviews
      • Our Reviews
      • Review Us
    • Request a Guest Speaker
    • Succession Pre-Consultation Form
  • Estate Planning
    • Asset Protection
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Incapacity Planning
    • Legacy Planning
    • Pet Planning
    • Probate and Successions
    • SECURE Act
    • Special Needs Planning
  • Medicaid Planning
    • Louisiana Medicaid & Long-Term Care Planning
    • Free Medicaid/Long-Term Care Calculator
  • Business Planning
    • Business Planning
    • Business Succession Planning
    • Family-Owned Businesses
    • Small Business Medicaid Planning
  • Resources
    • Estate Planning Resources
      • Estate Planning Definitions
      • Estate and Gift Tax Figures
      • Estate Planning Reports
      • Estate Planning Checkup
      • Is Your Estate Plan Outdated?
      • Incapacity Planning Definitions
    • Elder Law Resources
      • Are You A Caregiver?
      • Coping With Alzheimer’s
      • Guardianship & Conservatorship
      • Hospice Care
      • Elder Law Reports
      • Elder Law & Medicaid Definitions
    • Newsletters
    • Trust Administration & Louisiana Succession Resources
      • Bereavement Resources
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
      • How to Know if You Need Extra Help With Your Grieving
      • Loss of a Loved One
    • Families of Children with Special Needs
    • Frequently Asked Questions
      • Estate Planning FAQ’s
      • Trust Administration & Probate Frequently Asked Questions
      • Legacy Wealth Planning FAQ’s
      • Frequently Asked Questions for Families Without an Estate Plan
  • Blog
  • Contact Us

Preserve Your Legacy, Not Just Your Money

November 1, 2022 by Ronald "Chip" Morrison

Death and incapacity are natural parts of the process of life. We are born; we grow up; we may experience incapacity, and we eventually pass away. Along the way, we develop our values and accumulate assets and experiences. Sure, when we die, we want to pass along our assets to our family while paying the least possible taxes, but, what is most important is passing along our lifetime of values and experiences.

A new paradigm in estate planning is emerging, Legacy Planning. This allows your plan to consider everyone and everything that is important in your life. It considers not only how much money and assets you are going to leave to your family, but also your life story, your goals, your experiences, and your values.

The heart of Legacy Planning is a Family Wealth Trust. This Trust leaves your tangible assets to your family. You may choose to leave the assets in the Family Wealth Trust so that your beneficiary has the ability to withdraw all the assets at any time, called an Access Trust for the beneficiary. While an Access Trust may provide divorce protection, it does nothing to protect against other creditors. However, you may also choose to leave the assets in your Family Wealth Trust so that your beneficiary is protected from the risks of potential future creditors by leaving the assets in a continuing discretionary Trust, sometimes called a Sentry Trust for the beneficiary. With a Sentry Trust, another person is the Trustee and makes decisions regarding when it is appropriate to make distributions to the beneficiary. This allows the Sentry Trust to protect your beneficiary from the many perils and pitfalls of life, even if you cannot be there to protect them yourself. For example, if your daughter is a physician and is sued for malpractice, the assets which you left for her in the Sentry Trust would not be in jeopardy.

In addition, a Legacy Plan includes Powers of Attorney for financial matters and health care matters, as well as a “HIPAA” power which ensures that those in need (whom you designate) have access to your health information. Perhaps most importantly, the Legacy Plan incorporates the My Legacy Workbook, in which you can share treasured memories, cherished values, and hard-earned lessons which you wish to preserve and pass on to those left behind.

You have more to share with your family than the things which you have accumulated during life. Legacy Planning recognizes that your most valuable possessions may be the values and life lessons you have to share…because the best things in life aren’t things.

An estate planning attorney experienced in Legacy Planning can help you develop a plan that meets your needs and that your family will cherish for generations to come.

Mr. Morrison is a member of the American Academy of Estate Planning Attorneys and has been engaged in the practice of law for the last 17 years. For more information or to schedule a consultation, call (504) 831-2348.

  • Author
  • Recent Posts
Ronald
Ronald "Chip" Morrison
Ronald “Chip” Morrison, Jr. is a Board Certified Estate Planning Law Specialist as certified by the Louisiana Board of Legal Specialization. He is admitted to practice before all State courts in Louisiana. He is also admitted to practice before the United States District Court for the Eastern and Middle District of Louisiana.
Ronald
Latest posts by Ronald "Chip" Morrison (see all)
  • How to Leave an Inheritance for Your Special Needs Child - March 27, 2023
  • Should I Leave Everything to My Spouse? - March 24, 2023
  • Why Women Hold the Keys to Successful Estate Planning - March 21, 2023

About Ronald "Chip" Morrison

Ronald “Chip” Morrison, Jr. is a Board Certified Estate Planning Law Specialist as certified by the Louisiana Board of Legal Specialization. He is admitted to practice before all State courts in Louisiana. He is also admitted to practice before the United States District Court for the Eastern and Middle District of Louisiana.

Morrison Law Group, PLC

Subscribe Our Blog

Download Estate Planning Worksheet PDF Now!

There's a lot that goes into setting up a comprehensive estate plan, but with our FREE worksheet, you'll be one step closer to getting yourself and your family on the path to a secure and happy future.

Map

Morrison Law Group PLC (Metairie Office)MAP Gabb Morrison LLP (Covington Office)MAP
  • Facebook
  • Instagram
  • LinkedIn
  • Pinterest
  • RSS
MORRISON LAW GROUP
law-pay

© 2023 American Academy of Estate Planning Attorneys, Inc. | Disclaimer | Privacy Policy