Creating Meaningful Family Legacies
Family is who we are. Have you ever thought of traditional legacy planning? This is the type of planning in our life to ensure that there are financial resources and a set plan to leave our loved ones. The objective is, the best legacy plans focus on here and now. Ask yourself: how have you structured your life to make it clear to your family what your values are? Let’s build a tradition that will live on for generations to come.
- Work and Life is a Balancing Act
- We don’t even realize that we choose work over family time after time. Even the most successful people we know about do this. For example, Garth Brooks published his concern with People Magazine about raising his children. He took a 14-year break to focus on family and to learn who his children were.
- If you feel inspired by reading about these concerns of not knowing who your children and family members are, how can you change that right now? This can be done by decreasing your commute to work or even deciding to work from home once a week. Do you spend your weekend busy on house work? Best solution is hire help or even use your resources like delivering your groceries to the house. You will be spending a little on services to ensure happiness. These time management task pays off in the end and can even reflect onto others by setting an example.
- Expect the Unexpected
- In 2021, it has been reported that about 48% of adults do not have life insurance. This study was conducted by LIMRA trade group. Life insurance and conventional estate planning are play a huge part in living your legacy. Estate plans are great opportunities to make choices about your future rather than settling and having others decide. You can also use this for resources for important matters like money management, structuring a trust that specifies inheritance, retirement plans, and even for education. This plan gives you a voice to ensure your values are heard.
- Communicate Your Vision Ethically
- An ethical will is able to organize your thoughts like personal lessons and visions into one document. This can always be shared now or even shared as part of a memorial, how ever you choose. It is best to put together this document now to live life with more intention. Another advantage of having this document put together is to prevent any future conflict among heirs.
- Your Feelings and Values Should Be Expressed
- Don’t trigger neglect that you will regret in the future. You can verbally communicate your messages to your loved ones but you can also take advantage of your resources. This is done by setting money for education to the side with 529 plans or even buying a new family vacation home to make new memories to cherish.
There is no need for anyone to live life with regrets. Seek your advisor to help you prevent this by creating a living legacy. This is the best to care for you and your family with guiding you all to what matters most.
Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.