Broker Check

Legacy

For building your legacy with the financial assets necessary, consider reaching the powerful point of financial independence.  This point includes when you do not owe any money to lenders, such as a mortgage, credit card, or other loan provider.

The second component of your independence point is when you realize full control of your productive time.  It is then that you do not go to work for someone else, and are not constrained by an employer’s demands.  Until you occupy these two places, you could face obstacles in truly focusing on your legacy.

Legacy is about making a difference in the world, reflecting your purpose.  You choose how broad and deep to take your efforts and vision.  Your chosen world of interest could be constituted by a child or grandchild, an organization in your local community, or perhaps a group with worldwide influence.

Only you can determine the appropriate mix of dedicated time and financial resources.   At Family Legacy Concepts, we will engage you in the discussion, in the planning, and with the action steps.

Your Children and Grandchildren

There are many investment and insurance vehicles for passing financial assets on to your children and grandchildren.  See below for a partial list of choices.  Some of the many factors in selecting and deploying these tools include the age and level of responsibility of the recipient(s), the status of your health, and keeping contingency funds for your well-being.  Talk to your Family Legacy Concepts advisor to determine which tools will work for your situation.

Your Values

How are you passing on your values to the next generation(s)?  Have you created an ethical will?  Is it in writing or with an audio or video recording?  Are your values reflected in provisions of disbursement from your will, IRA's, insurance, and trusts?

Your Passion

For what cause(s) will you choose to spend time, when you retire from earning a living?  Is slowing down with a part-time job an option?  To what degree do you want to leave the world a better place?  Does that include uplifting and empowering people – through such areas as education, housing, and health care?  FLC invites you to share your dreams with us.

Transferring Financial Assets

The following is a list of several popular methods of transferring money:

  • Trusts
  • Donor-Advised Funds
  • Roth IRA accounts
  • 529 Plans
  • Coverdell Education Savings accounts
  • The Uniform Gifts to Minors Act (UTGMA) and Uniform Transfers to Minors Act (UTMA) accounts
  • Permanent Life Insurance

If you want to learn more about these transference items, use the Have A Question? section of the Contact page.