ESTATE PLANNING

l e g a c y  :

a gift by will such as property, or money handed down from an ancestor or predecessor

We would define legacy as how we are remembered by our friends and family. When we ask a client during a financial planning session about what they want their legacy to be, we try to reach their deepest emotions by saying something like this; “When your children and friends are standing around your coffin and looking at you during your funeral, what you want them to remember most about you? Is it how much money you gave them? Is it what you taught them? Is it your philosophy about life? Is it your generosity?

While trusts, estate taxes and succession planning are important, these deal with tangible things. Legacy goes beyond the tangible to include the intangible which we believe is equally important.

Ask yourself, what legacy did you receive from your parents? Then ask yourself, what legacy do you want to leave your children? On the tangible side of the equation, ask yourself how much is enough? On the intangible side, ask yourself what is really the most important thing that I leave my family?

 

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