Building A Legacy
What values and life lessons do you and your family consider the most
important? One of the most effective ways to carry on your beloved values
and life lessons is to record them. With your input we cover such
topics as:
Ethics and Moral Teachings:
What virtues
and values would you like to see continued throughout your family's generations?
- Are there important principles on the treatment of people, country, and
environment (but in a well ordered way)?
- Is the continuation of a family business, operated in the same ethical manner
paramount?
- Are contributions to specific charities
important?
Faith and Religion:
What
religious truths/traditions would you like to see fostered and followed by
future generations of your family?
- Are there belief doctrines within your family?
- What are your religious and cultural traditions and the values they represent?
- What religious items are to be passed on to future generations?
- Which religious organizations are to receive contributions?
Family Traditions and Stories:
What family
rituals would you like to see passed on through the generations?
- Is there history from past generations that provides guidance?
- Are there holiday traditions, special life events which you wish to see
celebrated?
- What are the favorite stories that either are documented or shared, which need
to be saved?
Planned Gifting
Planned gifting is the deliberate, organized method by which we transfer
wealth to others or other entities. Believe it or not, all of us have a
default "Planned Gifting" system already in place. In fact, it is the
method most of us use. It's called taxation. Unfortunately. it is
not voluntary and we have no say as to where this "contribution or investment"
will be used for the betterment of society. There is an
alternative. It's called charitable giving.
Charitable giving allows the donor (the gift giver) to control the what, how,
and when of the gifting process. This is the "planned gifting" we
recommend at AAP it is the means by which you can meet many of the goals
we mentioned in our Building a Legacy web page. Through it you can make a
positive statement about the beliefs and values you hold dear.
In addition, when done the right way, you can make significant reductions in
current income taxes and death taxes. So what is the right way?
We suggest two of the right ways are;
Charitable Remainder
Trusts and Donor-Advised Funds.
Life Insurance
Most of the topics
we've addressed under "Building A Legacy", require time and effort, but little
or no money. However, some of the legacies we'd like to leave behind need
to be funded. Such items as; contributions to charities or college funding
for grand children, require money and perhaps more than we have to offer.
For that situation, life insurance can be the best solution; either by gifting
existing policies or changing adding a contingent beneficiary or buying a new policy.
In addition to providing protection against risk, we
believe life insurance represents good value for money. It is buying
future wealth with discounted dollars. Depending on your age and health,
it can cost only pennies on the dollar.
Furthermore, at this time, the premiums on life insurance
are inexpensive. But a lot depends on the underwriting of the policy.
One important part of the process is the paramedical exam. For a few
tips on how to improve your chances for the lowest premium available
contact us for a free brochure on exam taking tips.
