Legacy Planning

Long Island Legacy Wealth Planning: Pass Down More Than Just Assets

Long Island residents who have accumulated significant wealth also carry a significant responsibility—and opportunity. While growing wealth takes discipline and strategy, keeping it intact across generations is just as important, and often just as challenging. That’s where legacy wealth planning comes in.

What Is Legacy Wealth Planning?

Legacy wealth planning goes beyond basic estate planning. It’s the intentional process of organizing your assets—and your values—so that they benefit your loved ones and future generations in a meaningful, sustainable way.

You might assume this is simple: Invest wisely, and the family fortune should grow over time. However, this ideal is often undercut by one critical reality—estate taxes.

In the U.S., there’s a federal estate tax with a 40% maximum rate, and it’s unified with the federal gift tax. This means you can’t simply give away assets during your lifetime to avoid taxation. New York State also imposes its own estate tax on estates exceeding $1 million, including the value of your home and even life insurance policies. Without a plan, a significant portion of your legacy could be lost to taxation.

Tax-Efficient Strategies to Protect Your Legacy

Effective legacy planning in Long Island involves implementing legal and financial strategies that reduce estate tax exposure and keep more of your wealth in the family. Some of these tools include:

• Generation-skipping (dynasty) trusts

• Grantor retained annuity trusts (GRATs)

• Charitable lead annuity trusts

• Qualified personal residence trusts

• Family limited partnerships

• Asset protection trusts

These strategies are designed to preserve your wealth, but they also ensure your values are passed on with your assets.

Align Your Estate Plan With Your Life Goals

Wealth transfer isn’t just about numbers—it’s also about clarity of intention. Just like building a business, successful legacy planning begins by defining your goals early on. Do you want to provide for your grandchildren’s education? Support charitable causes? Help your children buy homes or start businesses?

Starting early and updating your plan as life evolves—marriage, children, new investments—gives you more flexibility to align your wealth with your long-term vision. Even modest changes, like restructuring your budget or updating beneficiaries, can make a substantial difference over time.

No matter your current stage in life or the size of your estate, intentional planning today sets the stage for a more secure and impactful tomorrow.

Your Story Is Part of the Legacy You Leave Behind

Beyond wealth, you have something even more valuable to share—your story.

Consider documenting your life’s journey as part of your estate plan. Sharing the experiences, lessons, and choices that shaped your life offers future generations a deeper connection to their roots. This emotional inheritance may become just as meaningful as any material gift.

You are a bridge between generations—your insights, struggles, and triumphs form a rich family history that can inspire and guide your descendants long after you’re gone. Including a written autobiography, video message, or letters to loved ones can make your estate plan deeply personal and lasting.

Start Building a Legacy That Reflects Your Values

Legacy planning isn’t just for the ultra-wealthy. It’s for anyone who wants to protect what they’ve built, support future generations, and leave behind something lasting and meaningful.

If you’re ready to start planning with intention—whether you’re navigating complex assets or simply want to pass on your values—our Long Island estate planning attorneys can help. We’ll guide you through strategies tailored to your goals and your family’s future.

Contact us today for a free consultation and take the first step toward building your legacy.