You are Actively Creating Your Legacy
(Whether you realize it or not)
NBA Hall of Famer and current TV analyst Charles Barkley once stated in a commercial, “I ain’t no role model. I’m not paid to be a role model. I’m paid to wreak havoc on the basketball court.” Well, whether Charles agreed with it or not, given his prominence in the league at the time, he very much was a role model for kids — good or bad.
The same can be said when it comes to your legacy.
What you leave behind when you are gone will be your legacy. Whether that is the sum of the material items you acquire during this lifetime —money, investments, art, real estate, etc. — or the impact you have on those people or organizations you come in contact with while you walk this earth, those things will amount to your legacy, whether you want it to be or not.
For most people, the idea of a legacy isn’t something that’s planned out. It just happens. Others may take steps towards what they think will be their legacy — making regular charitable donations and using at least a portion of their gift exemptions to pass assets to the next generation.
But what if you knew that, depending on which study you look at, somewhere between 60-70% of wealth is completely depleted by the second generation and by the third generation it is completely gone. How does that impact your view of leaving your legacy?
Most wealthy families rarely consider the potential for creating not just a legacy, but a generational legacy. A legacy that could live on not just past your lifetime, or the lifetime of your children and grandchildren, but for generations to come.
You have the opportunity today to chart a specific course for your wealth — a course that will allow your wealth to live on well past your lifetime and create the type of legacy you want to leave behind. The window is still open to create what we call an Intentional Legacy Plan — a wealth strategy approach that provides for your needs and wants — as well as your immediate family — for today and tomorrow, while also creating a pool of capital that can continue to grow well past your lifetime and continue to have an impact on your descendants and provide for the charitable cause you support for generations to come.
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