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Protecting your loved ones with a proper legacy – in the aftermath of The Great Depression.

Americans are illustrating a renewed sense of financial values following The Great Recession period of 2007 to 2009. And it is all about family. Spending more time together and making sure your family is financially protected is at the top of the list.

Just a few short years later, we can reflect upon the positive and compassionate values that have shifted to the forefront of our mindset. Overcoming challenges empowers us to make improvements. The way families are thinking about their Legacy planning is just one example of this.

Monetary assets or making a difference. Which matters most?

The past couple of years, Legacy conversations centered around protecting our loved ones, improving lives, and promoting causes have replaced discussions around monetary items.

Perhaps it is because your home is no longer worth was it was? Maybe it is because you lost your home in the wake of the housing fall out? No matter what your situation may be, there’s a renewed sense of value at the core of what it now means to “Leave a Legacy.”

Material items or more family time? Which matters most?

Many of us who had worked excessively Pre-Recession, now realize maintaining extra hours to spend with our children or spouse is a priority we want to keep. This could mean taking a lesser paying job with fewer responsibilities. If you are self-employed, it could mean merely finding a way to get the same tasks done in less time. Either way, exploring financial tradeoffs with your advisor can open up ideas on how to maintain this newfound love of time. So you and your family can continue to live comfortably on less income – if that’s what it takes.

Protecting the loved ones who are dependent upon your income.

This can require a combination of items, depending on your situation. Having enough life insurance to cover their needs in the event of your loss is just one of them. Updating or developing an estate plan to offset inheritance or gift taxes is another option to consider.

Discovering the means to our meaning.

No matter where you are in life, there has never been a better time to review your financial life plan. This includes taking a look at your will or estate plan and establishing new life goals. Because in the end, it was the laughter, tears, and love that helped us discover the meaning behind our means. Let’s make sure we have the right plan to continue to support that.

Read Joshua Kadish’s MONEY MAGAZINE commentary on the topic of leaving a legacy in the “How the Economy Changed You” article written by Dan Kadlec.


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Second Opinion Partners