Hello everyone! The month of August What Will Be Your Legacy Month. So, I want to inspire and challenge you to think about what type of legacy you want to leave your loved ones. What will be your legacy? My family and I recently saw the new Lion King movie, and we loved it! There was a line that really stuck with me. During a conversation with young Simba, Mufasa said, “While others search for what they can take, a true king searches for what he can give.” To me, that is the ultimate definition of legacy. So again I ask, what will be your legacy? Are you a true king or queen? If you review my videos from the month, you will notice we talked about different ways you can leave a legacy. If you missed the any of them, no worries! You can catch them here.
One way you can leave your legacy for your loved ones is through charitable giving. With careful planning, you can actually designate a portion of your estate to a charity or cause you care about. This is a great way to leave a lasting legacy that will impact the lives of others long after you’re gone. Not only can your assets continue to further the mission of an organization or cause close to your heart, it could motivate your children or loved ones to continue the tradition.
Now some also may ask, “Is it really necessary to do all of this planning to preserve my legacy?” The answer to that is ABSOLUTELY! Most of the time, with or without an Estate Plan, your assets will pass to your relatives. However, when you establish a trust, you can set the rules, you retain a certain level of control, and you protect your loved ones. With a Trust, you can ensure your hard earned assets aren’t wasted by an irresponsible loved one. I’m sure you can think of at least one. You can keep your assets out of the hands of creditors. After all, you want to leave assets for the benefit of your loved ones…not a creditor. Most importantly, you can avoid affecting a disabled loved one’s eligibility for public assistance!
Stay tuned for the next blog to learn more about preserving your legacy and protecting your valuables. If you’ve missed a few blogs, check them out here. Until next time!