Legacy Planning: What Do You Want to be Remembered For?

“A society grows great when old men plant trees in whose shade they shall never sit.” — Greek Proverb

As a prosperous individual, you've worked tirelessly to build your wealth, and now is the time to ask yourself: "What do I want to be remembered for?" In a previous Market Update, we explored estate planning. Legacy planning goes beyond traditional estate planning, offering an opportunity to impart your values, wisdom, and passions to future generations. 

Creating a meaningful legacy plan gives you control over how the world will remember you and leaves an indelible mark on the hearts of those you cherish most.

What is Legacy Planning?

Legacy planning goes beyond the mere distribution of your financial assets. It is the culmination of a lifetime of accomplishments and embodies your values and aspirations. 

By thoughtfully crafting your legacy plan, you have the unique opportunity to:

1. Preserve and celebrate cherished family traditions and values

2. Make a significant and lasting impact on society

3. Support causes that resonate deeply with your beliefs

4. Establish an enduring reputation that transcends generations

5. Foster strong family bonds and nurture intergenerational connections

Crafting Your Lasting Legacy

An excellent way to embark on your legacy planning journey is to ask yourself a few important questions:

1. Contemplate your values: Reflect upon the guiding principles and values that have shaped your life, and envision how you can pass on these invaluable lessons to your loved ones and future generations.

2. Embrace your passions: Identify the causes and organizations that ignite your spirit and determine how you can contribute to their continued success.

3. Define your objectives: Envision the enduring impact you wish to make through your legacy plan, whether it involves funding educational opportunities, championing the arts, or safeguarding the environment.

4. Devise a strategy: Outline the necessary steps and resources to bring your legacy goals to fruition, such as allocating funds, establishing charitable trusts, or creating a family foundation.

5. Seek professional guidance: Collaborate with seasoned professionals like financial advisors, lawyers, and accountants to ensure your legacy plan is seamlessly integrated with your estate plan and adheres to all legal and financial requirements.

6. Share your vision: Communicate your intentions with your family, loved ones, and any relevant organizations or beneficiaries. Fostering open dialogue can prevent potential misunderstandings and ensure your vision is universally understood.

7. Revisit your plan: Periodically review your legacy plan to guarantee it remains relevant and adapts to any changes in your life or circumstances.

Charitable Giving

Incorporating philanthropy into your legacy plan empowers you to create a lasting impact on the causes you hold dear. There are various ways to contribute to the betterment of society, such as:

1. Bequests in your will: Allocate a portion of your estate to a charity or nonprofit organization to perpetuate your support for their noble endeavors.

2. Charitable trusts: Establish a charitable trust to provide ongoing support to a cause while also reaping potential tax benefits.

3. Donor-advised funds: Contribute to a donor-advised fund to support multiple charities over time and receive tax benefits.

4. Family foundations: Create a family foundation to cultivate a legacy of giving within your family, allowing you to champion various causes and engage future generations in philanthropy.

5. Volunteer work: Dedicate your valuable time and expertise to the organizations and causes you are passionate about, amplifying your impact beyond financial contributions.

Public Charity vs. Private Foundation

In the realm of philanthropy, both public charities and private foundations offer unique opportunities to support the causes closest to your heart. Here here are the key differences:

Public Charity:

• Typically operates programs directly supporting their mission

• Relies on funding from the general public, including individuals, corporations, and government grants

• Offers higher tax deductions for donors

Private Foundation:

• Often established by an individual, family, or corporation to support specific charitable causes

• Typically funded by a single source or limited group of donors

• Offers more control over charitable activities and grant-making decisions, but may have more stringent regulations and lower tax deductions for donors

Legacy planning is an opportunity for you, as a prosperous individual, to create a lasting impact on the world. By reflecting on how you want to be remembered and collaborating with experienced professionals, you can devise a comprehensive plan that immortalizes your unique aspirations and ensures your legacy shines brightly for generations to come.

At the Cash Management Group, we recognize the exceptional power of your legacy. Our dedicated team, led by James Barrie and Stefan Linden, is committed to offering personalized legacy planning services that honor your distinct vision and desires. Together, we will navigate the intricacies of legacy planning, safeguarding your family's future and leaving a lasting impact on the world.

Contact us or book an appointment today to get started.