The phrase “legacy planning” is being used more often in place of estate planning. “Legacy,” according to Merriam-Webster dictionary is defined as “a gift by will of money or other personal property”. Therefore, most believe that legacy planning focuses solely on how your assets willbe divided and distributed when you pass.
A Statement of Purpose may be included in a legacy plan. In your statement, you can share your life philosophy so that it can read and reread by generations to come. In your statement, you are not forcing your heirs to do anything. Instead, you are leaving them advice on how you believe they can live a successful, productive life.
Here are three misconceptions about legacy planning:
1. Leaving a Legacy is Egotistical
Many people often ask themselves, “Who am I to deserve to leave a legacy behind?” It can seem egotistical to do so, but this couldn’t be further from the truth. Our team of financial advisors at Financial Consulting Group, can help you identify how you want to be remembered and then create a roadmap for you to achieve your goals.
2. Leaving a Legacy is About Control
Have you ever heard the phrase “ruling from the grave”? It is a saying used in reference to describing individuals trying to control their family’s lives after they have passed. A legacy is not about managing others. Leaving your legacy is more about you the freedom to share your most significant achievements with those who you love.
3. Leaving a Legacy is Planning for Death
Many believe that legacies are only something you leave behind, but legacies are not about planning for death. Legacies are about living with a purpose. A legacy plan lets you give a part of yourself back to the world.
At Financial Consulting Group, our team brings over half a century of combined experience in the financial services industry. We provide our clients with personalized, comprehensive financial planning that will continue to serve their families for generations. Call us today at (504) 835-1707 to begin creating your legacy today!