“We must begin thinking like a river if we are to leave a legacy of beauty and life for future generations.” – David Brower
We create our legacies with our time, energy, and money. If legacy is important to you, then leave the best legacy possible while you are able to do so.
The term legacy can be defined in several different ways. We think of it as leaving an impact of money, values, or life prints on the people, causes and institutions that are important to you. Passing on money and values to our families is typically part of the legacy that most people want to leave. Families who have experienced medical struggles or love the arts often include institutions in their legacy goal list. And what about your alma mater? It is both fun and important to build a personal and family legacy goal list and then to be intentional about moving in that direction.
There are often ways to improve or optimize your financial legacy. By working with your financial advisor, you can likely come up with a few strategies to minimize the impact of taxes, provide more assets for beneficiaries, and/or increase the value of your estate for heirs. You can also likely take steps to protect current assets from some risks such as long-term care.
There are so many ways that implementing the right financial strategies can help you leave a legacy. What must you do with your time, energy, and money to leave a positive legacy for generations to come?