Take a moment and think about this: If you could open a portal and ask a deceased ancestor three questions, what three questions would you ask? Why have you chosen these questions? If you were visited by one of your potential successors, what three questions do you think they would ask you? The success of sites like Ancestry.com and MyHeritage.com testifies to our culture’s desire to understand their connection to their ancestors – but the question remains, are people simply looking for names and pictures? When you find a few short headlines and census records, will all your questions be answered, will your search be completed? Through conversations with advisors, clients, and observations throughout history, I’ve learned that stories are what people value. Everyone has a story – therefore everyone has a legacy. Still can’t believe you have an inheritance to share?
Merriam-Webster online states that the word Inheritance is a noun and means: something transmitted by or received from an ancestor or predecessor or from the past. So we know that you have a story and now we also know that if you pass on that story – you carry on your Legacy. Simply put, Heritage Planning is a thoughtful process that organizes and preserves you and your story for future generations. Those who wish to live a purposeful life will find Heritage Planning and Heritage Planning can combine to guide and direct future generations while also helping you preserve your hard-earned assets and ensure that they go where you want them to go after you die.
By intentionally planning for your generational impact, you can save a great deal of time, cost, and potential grief for your family and heirs by eliminating uncertainty about inheritance and sharing valuable life lessons. In the estate planning process you are given the opportunity to teach and offer hard earned life experiences that help shape your life and guide your destiny. The old adage, “If you give someone a fish, you feed them for a day, but if you teach someone to fish, they can eat for a lifetime,” is a common theme adopted daily by many successful clients who are concerned about the well-being and preparedness of future generations. they.
There’s been a lot of research showing those with a written plan outperform those without. Take a moment and ponder the impact this principle has when applied across generations. Planning and productivity leader Michael Hyatt carefully observes, “I’ve met few people who have a plan for their life.” How many families do you know who have a written 100 Year Plan that is also approved and is actively being implemented? Seventy percent of Americans do not have a will. Unless you want to donate the majority of your fortune to Uncle Sam, it’s time to join the thirty percent who do. While writing a will, or the exact instrument your advisor recommends, may not be pleasant to think about, a little foresight now will save your heirs and loved ones from big trouble down the road. The planning process for bringing thoughts, stories, ideas and traditions together will prove fruitful and inspire many new thoughts and possibilities.
In this series on Heritage & Heritage Planning Fundamentals, you will learn to:
– Identify Generativity in yourself and others and steps to increase it;
– Implement the 4 Basic Building Blocks of the Strategic Heritage Plan;
– Understand the basics of wills, trusts, wills, declarations of inheritance, and charitable gifts;
– Making power of attorney, advance directives, and long term care arrangements; and
– Minimize the impact of property and inheritance taxes on your heirs.
Warren Buffet, renowned investor and head of Berkshire-Hathaway has drawn much attention and acclaim for his comments regarding the inheritance of his own children, “The perfect amount of money to leave a child is enough money so they feel they can do anything, but not so much that they they couldn’t do anything about it.” In Buffett’s case, that amount was reported, $10 million. Buffett’s stance on empowering the next generation without hindering their drive to create, contribute, and self-direct has been embraced by the middle class, young professionals, and baby boomers. The goal is to circumvent the age-old adage, “sleeve to sleeve in three generations.” Only by planning your inheritance and possessions now can you be sure that all your wishes will be known and honored when you die.
