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Legacy

Financial independence is a powerful tool for building your financial legacy. Many consider this to be simply the point when you do not owe substantial money to lenders, such as a mortgage, credit card, or other loan provider, but there is more to it than that.

The second component of your independence point is when you realize full control of your productive time. It is then that you do not necessarily go to work for someone else and are not constrained by an employer’s demands. Until you occupy these two places, you will be limited 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. For Family Legacy Concept's Scott Wells, that legacy is his children (pictured right, in the late '80s) and his grandchild (pictured below, in 2020). 

Only you can determine your appropriate mix of dedicated time and financial resources. At Family Legacy Concepts, we will work with you to help identify your goals, make plans, and take action.

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 accounts, insurance, and trusts? A message to heirs can be very powerful.

At Family Legacy Concepts, you know that your family is a priority. There are many investment and insurance vehicles for passing financial assets on to your children and grandchildren, and it can be overwhelming to decide which strategy is best for you. Some of the many factors FLC will help you consider in selecting and deploying these tools include the age and level of responsibility of the recipient(s), the status of your health, and the need to keep contingency funds for your well-being.

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 and let us assist you in achieving them by leveraging our experience to make the best choices for you.

Transferring Financial Assets

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

  • Trusts
  • Donor-Advised Funds
  • Roth and Traditional 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.

 

We create strategies that are tailored to your needs and goals.

Family

Years of experience have prepared us to guide you through your life transitions.

Concepts