How will you define your legacy?
For many the idea of openly discussing their vision for their heirs and money matters is at a minimum uncomfortable and for some, out right taboo. Many worry that if they discuss such personal plans with their heirs that their heirs will become lazy or start spending their inheritance before the memorial is even imminent. Others fear that if they ask their parents about their estate planning they will be perceived as morbid or, worse yet, greedy.
In fact, in-depth planning and meaningful conversations are crucial to successfully creating and protecting family legacies. Often baby boomers and their elder’s generation are uncomfortable discussing the one-dimensional topic of leaving an “inheritance” but both embrace the idea of leaving a “legacy,” because it captures all facets of an individual’s life – including their family traditions and history, life stories, values, and wishes.
It is important to create a forum where family members can openly discuss their wishes, hopes and fears when working to define your family’s legacy. Having an objective moderator for “family meetings” can be instrumental in overcoming many of the obstacles families face when discussing key legacy issues. A professional Legacy Coach can be an invaluable resource, helping families to establish a Family Financial Philosophy that provides structure and guidance for future generations.