Key Takeaways:

  • We want our clients to take time to thoughtfully consider what kind of legacy they want to leave behind.
  • Your legacy will not only be monetary, but you will leave a family, community, and career legacy.
  • Your Saling Wealth Advisor team is committed to supporting you every step of the way to create a plan that is not just about leaving a legacy but also about living one.

Many people think that leaving behind a legacy is only a monetary endeavor, but the truth is, the legacy you leave behind will touch all areas of life. Yes, finances are an important piece of the puzzle, but there are other intangible aspects that are just as significant—your values, memories, experiences, and character. These are the things your loved ones and community will remember about you after you’re gone.

Are you wondering about leaving behind a legacy that’s meaningful and enduring? Check out these four types of legacy for you to consider.

1. Leaving a Family Legacy

How much do your kids and grandkids know about your life? Do they know what your first job was? What about your first car? Do they know what your life was like when you were in school? Do they know the names of your grandparents? These details may not seem important, but when your descendants understand who and where they came from, they can learn more about themselves. Here are some ways to preserve your family legacy:

  • Record family traditions: Write them down even if they aren’t practiced anymore.
  • Write down family stories: Perhaps your dad was a WWII veteran, or your great aunt was a wonderful artist. Preserve all the stories you have about your family.
  • Record stories about yourself: Share your experiences and perspectives about life. You could write your stories or create a video diary.
  • Compile family recipes: Make copies and share them with family.
  • Become the family historian: Use a genealogical website to create your family tree and timeline.

2. Leaving a Community Legacy

What kind of impact would you like to make on society? How would you like to better your community? Giving your time, talent, and resources to causes that you hold dear will help you leave a positive impact on the world around you. Here are some ideas to help you with leaving behind a legacy of generosity in your community:

  • Volunteer: Donate your talent, time, and skills to organizations you value.
  • Participate: Whether it’s the town parade, Friday night football or the church potluck, show up and participate in community events.
  • Lend a helping hand: When you see a need, do what you can to fulfill it.
  • Make charitable donations: Give what you can, when you can. You can also allocate money after you pass through a charitable bequest.

3. Leaving a Career Legacy

For many people, work isn’t just about money; it also connects them to a deeper purpose and allows them to contribute to society. These ideas will help you leave a lasting impact in your company, field, or industry:

  • Be a mentor: Share your wisdom with the next generation of professionals in your field.
  • Share your knowledge: If you’re in a position to share your career experience through a blog, social media or publication, this will help ensure your expertise aids others in your industry.
  • Stay connected: Don’t dip out of your professional network when you retire. Stay connected and engaged and be a resource when help is needed.

4. Leaving a Financial Legacy

Passing down assets to your children, grandchildren and/or other loved ones helps create stability and helps give them more opportunities to build financial security. Here are things to consider when creating a financial legacy:

  • Prioritize estate planning: No matter how much you have, you need a will or trust to ensure your wishes are fulfilled. As our clients already know, we are happy to discuss and think through estate planning desires, as well as connecting our clients with highly regarded estate planning attorneys.
  • Share financial literacy: You don’t need to be an expert to help pass a foundation of financial literacy to your family. Sharing books, podcasts and financial content can help your family become more financially literate. Also consider looping your family in on meetings with us to help build their understanding of personal finance and ensure your financial plans are carried out smoothly.

In closing, we want to reiterate our commitment to supporting you every step of the way. Your financial confidence and well-being are at the heart of everything we do. Please feel free to reach out at any time to discuss your legacy plans, or simply chat about ways to make the most of what you leave behind in this world. Together, we can create a plan that is not just about leaving a legacy but also about living one.

Source: https://www.bankerslife.com/insights/personal-finance/leaving-a-legacy-4-types-to-consider/#:~:text=Leaving%20a%20Financial%20Legacy,opportunities%20and%20build%20financial%20security

Noah Polk, CFP®

Senior Wealth Advisor

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This material is not financial advice or an offer to sell any product and is not a recommendation to buy or sell any particular security. The opinions expressed are those of the Saling Wealth Advisors’ Management Investment Team and are subject to change without notice.

Saling Wealth Advisors (“SWA”) is an independent SEC registered investment advisor. Registration does not imply a certain level of skill or training. This material is provided for informational and educational purposes only. More information about SWA including our advisory services, fees, and objectives can be found in our Form ADV Part 2A, which is available upon request.

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