Creating an Intentional Legacy
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.
John Straus, Jr. CFP®
Partner & Co-Founder | NewEdge Wealth
Strategies for Preparing the Next Generation for Wealth
The transfer of wealth from one generation to the next is an obstacle all high-net-worth families face during the estate planning process. Over the next 25 years, the United States will experience the most significant wealth transfer in history, with around $68 trillion passed to the next generation. Given the scale of this coming wealth transfer, the need for preparation is greater than ever. The need for proper communication about potential strategies to ensure these transfers go smoothly for families is even more significant.
So what can you do to extend your legacy? The team at NewEdge Wealth has prepared a whitepaper with important information you should know.
Fill out the form below to request your copy of this insightful whitepaper.
Articles, Webinars and Events
Periods of market volatility always raise two questions: how much further down do we have to go and what actions should we take in response? Unfortunately, the former cannot be known with certainty and is outside of our control; however, the latter is within our control.
Joined by NewEdge Wealth’s Ghislain Gouraige and Robin Petty, the panelists discuss best practices for entrepreneurs looking to sell their business, real-life success stories and pitfalls, and what they can do to prepare for the deal process.
Municipal bonds, the mainstay fixed income security for retail and ultra high net worth investors, started 2022 as “expensive” when measured as a percentage of Treasuries. That changed in a seeming blink of an eye.
Listen in as Rob Sechan, CEO and Co-Founder of NewEdge Wealth, and Lee Cooperman, Chairman and CEO of Omega Family Office, Inc., and Investment Advisory Board Member of NewEdge Wealth, discuss their general market thoughts and what the possible catalysts could be for a significant market decline.
As this year’s tax payment and filing deadline draws near, investors are faced with the decision as to how to pay their tax bills: fund with cash, liquidate assets or borrow. While in a perfect world liquidity would be preset for such expenses, this is not always the case.
The definition of a “surprise” is an event that the average investment professional would assign a one-out-of-three chance of taking place, but these are events Blackstone believes are probable, having a better than 50% chance of occurring.
Susan Kim, Vice President and Wealth Advisor at NewEdge Wealth leads a discussion with Amelia Manderscheid, Vice President and Senior Director in Contemporary Art of Bonhams, Lara A. Björk, Founder of Von Rudebeck Art Advisory, and Lori Hotz, Co-Founder and Co-CEO of Lobus.
NewEdge Wealth is a business built upon a foundation of safety, objectivity, differentiated technology, and the in-house intellectual capital capability and customer services experience our clients have come to expect.
To assist clients with the many areas of financial consideration for 2022, we have summarized some key topics to review.
You may still consider your 18-year-old a child, but to the world, they are an adult. As your child graduates from high school and heads out into the newfound ventures of adulthood, it’s important to consider the legal implications that arise when they legally become an adult.