Legacy planning services
Create a Legacy through Giving
Our clients turn to us when they want to create legacy plans to provide for heirs, causes, and long‑term intentions most important to them. Many of our clients want to see their capital structured within your overall legacy plan that improve the collective well-being of their communities, specifically in Tampa. Our team can help you allocate funds to the causes of your choice and show you strategies that can work to lower your overall tax burden.
Over the course of our lives, we all develop different views of the world. Legacy planning services give you a structured way to capture those evolving values and translate them into clear instructions, letters of intent, and planning documents so your Tampa legacy is defined on your terms and understood by the next generation. Whether you’re working with a board-certified elder law attorney or financial advisor, comprehensive legacy planning services ensure your estate plan remains current with changing Florida laws and your family’s evolving needs. In many cases, we choose to shape how your values, assets, and stories are passed to family, community, and chosen causes that gave us so much throughout our lifetime. Whatever it is, we’ll help you define how your wealth, values, and guidance support the next generation, building a custom legacy plan that can evolve as laws change, your family grows, and your priorities shift over time..
Presently, the tax rules create planning opportunities around how and when assets are transferred. Tax advantages may be available when structuring multi‑generation legacy plans and, for estate owners, legacy-focused transfers can reduce the size of the estate to help minimize estate taxes.
Oftentimes, an individual will designate a charitable beneficiary in their will to benefit the organization after the individual dies. By using legacy legacy transfer strategying techniques, a client may be able to benefit the charity while living without having to sacrifice the income that an asset can generate. Understanding how properly structured legacy-focused transfers can provide current benefits for both the client and the charity could be important for the charitably inclined.
Legacy-Focused Trust Structure for Estate Planning in Tampa
A remainder trust enables the client to transfer an asset while retaining the right to the income it generates. For Tampa-area families, this type of structure can help support your lifestyle in retirement while setting aside a meaningful future gift for heirs or charitable organizations that serve the local community. The asset becomes the “remainder” which is owned by the charity. Remainder trusts, if properly structured, can qualify for a current tax deduction. There are three types of remainder trusts:
Unitrust: A unitrust the income the client receives is based on a percentage of the current fair market valuation of a trust asset. Each year, as the asset is valued, the income is adjusted based on the new valuation.
Annuity Trust: Instead of a percentage of the asset value, the client is paid a fixed amount annually. This more predictable income can be attractive if you prefer stable cash flow for your own needs while still using legacy planning services to lock in a future benefit for the people or causes you care about in Tampa.
Pooled Income Fund: Families and individuals can pool their donated assets in a fund that is operated by a charitable organization. For those in Tampa who want to support local or national nonprofits but do not want the responsibility of managing an individual trust, a pooled income fund can be an efficient legacy planning tool that still provides lifetime income. The families and individuals then receive a proportionate share of income from the fund that is paid throughout their lifetime. Payments can vary each year based on the valuation of the underlying assets in the fund.
Charitable Lead Trust
Also known as an Income Trust this vehicle transfers the income rights to the charitable organization. Tampa residents often use this type of legacy planning strategy to create a structured, time-limited income stream for a favorite church, foundation, or community program while preserving the underlying asset to return to family later. Generally, the income rights are assigned for a specified period of time after which the remainder passes to the client.
Charitable planning involves tax issues that should be discussed with a qualified tax professional.
LPL Financial Representatives offer access to Trust Services through The Private Trust Company N.A., an affiliate of LPL Financial, giving our Tampa clients a coordinated team that can help implement and administer complex legacy planning strategies alongside their broader financial, retirement, and investment plans..
Additional Information About Financial Planning
