You can leave a legacy without the money, and you can leave money
but no legacy.
When most people think about leaving a family legacy, they think
about wealthy people leaving lots of money to their children and
grandchildren. But a family legacy doesn't have to be just for the
rich. The less well-off and even the not-so-well-off can leave a
family legacy too.
Too often, the creation of a family legacy is aimed at reducing
estate taxes and perpetuating wealth for future generations.
Although these are certainly worthwhile goals, they often have the
unintended effect of creating future entitled generations, which
can actually be a disservice to those individuals. But this need
not happen. There are numerous opportunities to create positive
good works through the vehicle of a family legacy. The key to a
well-designed family legacy is to have a clear sense of purpose as
to its intended use.
Instead of starting with the money first, ask yourself these
questions: What really is my legacy to my family? What are the
values I want my children and grandchildren to learn from me? Then
ask yourself: How do I use my money to perpetuate my legacy?
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