Live a Life, Leave a Legacy
By Mark Colgan, CFP
Sometimes the most important issues in life are the most difficult to discuss. We all know that we won’t live forever. However, there are necessary, though difficult, conversations to be held if our wishes, and those of our loved ones, are to be fulfilled.
Perhaps no areas of this issue are more sensitive than those of inheritances, distributions of wealth and possessions, and the legacy we are likely to leave behind. We’ve all heard horror stories about how the distribution of material goods has caused long-term rifts and fractures in family relationships. Much of this discontent is caused by a lack of communication and planning before the fact on how and why the distribution is to be carried out.
Values are More Important than Valuables
The Allianz American Legacies Study – the most comprehensive examination of intergenerational wealth transfer dynamics ever undertaken –uncovered surprising evidence of a huge generational gap on views of inheritance and legacy.
Prior to the study, many people assumed it was the material value of inheritance that was so important. It became evident to researchers, however, that this was not so. In fact, the study uncovered four “pillars” upon which rest successful planning for leaving a legacy. They are:
- Values and life lessons
- Personal possessions of emotional value
- Financial assets and real estate
- Instructions and wishes to be fulfilled
In the words of Scott Friedman, a managing partner at Lippes, Mathias, Wexler, Friedman LLP, “too many people fail to even consider, much less plan for, the transfer of wisdom, insight, experience and similarly related intangibles. This failure results in an unnecessary loss of real value to families, friends, and communities. Parents, particularly as they age, find themselves wondering who will offer advice and guidance to their children after their demise. Children who have lost their parents are often left wondering what advice ‘mom or dad would have given.’ The transfer of these intangibles may provide families and friends with a continuity and sense of purpose that traditional wills do not.”
The Holistic Legacy Planning Process TM
At Colgan Capital we recognize that your wealth is about more than just money. Our Holistic Legacy Planning Process TM helps you discover, articulate and document your wisdom, values and expressions. The process also helps you organize your affairs and express your final wishes so upon your death your loved ones are left with well constructed plan, giving them room to grieve, heal, and celebrate your life.
Completing The Holistic Legacy Planning Process TM is easy. Our proven five step process provides you with the education, guidance and tools so you can complete your plan with total privacy. Show your loved ones you care and share what matters most. Plan a legacy to be proud of.
Baby Update
Christopher turned one last month and on his birthday he decided to walk! The other night I took him for a walk after dinner and captured a fun smile.
