Legacy. It's a loaded word that means different things to different people and their families. Wall Street portrays “legacy” with the vision of sprawling estates and heirloom treasures. However, that may not be your version of what “legacy” means for your family. In your case, it may be more about preserving family values, fostering financial security, and creating a foundation enabling future generations to flourish.

To create a lasting legacy for your family, you should incorporate generational planning into your wealth accumulation, preservation, and distribution strategies.

One way to think of generational planning is by comparing it to planting a tree. Initially, it is a tiny seed, like creating your first financial plan. Like the tree, as your assets grow, they require more care by you and the financial advisors you depend on for investment advice and services.

How do you start building your family’s legacy? You don't have to navigate this journey alone. Partnering with a fiduciary investment advisor based in Greenville, SC, can be a prudent first step. Unlike salespeople disguised as "financial advisors," the Global View Investment Advisors team acts solely in your best interests, providing the advice and services you need to build your family’s legacy.

Building the Blocks of Your Family Legacy: What to Include in Generational Planning

Generational planning goes far beyond accumulating, preserving, and distributing your wealth. It's about weaving together a complex financial strategy that builds a solid foundation that reflects your family's values, traditions, and aspirations. 

Remember, there 'is no one-size-fits-all solution. Your plan should be tailored to your family's current circumstances and future goals. This foundation will guide you in building a legacy that transcends generations, enriching the lives of your loved ones for years to come.

When laying the groundwork for your legacy plan, consider incorporating these key components:

Values and Traditions

• Instill principles of honesty, responsibility, and compassion in future generations.
• Create a guiding principle that reflects your family’s core values and beliefs.

Financial Security and Stewardship

• Develop a roadmap outlining income, expenses, investments, and risk management strategies.
• Minimize tax burdens to your heirs while ensuring assets are distributed according to your wishes.
• Plan for future generations' educational aspirations through college funds or trusts.

Watch our newest video on why 2024 could be very volatile for the markets.

Personal Growth and Development

• Provide opportunities for personal growth through travel, mentorship, or self-improvement activities for your family.
• Promote healthy lifestyles and access to quality healthcare
• Nurture a spirit of giving back to the community through volunteering or charitable giving

Communication and Collaboration

• Encourage open and respectful dialogue about family finances, values, and goals.
• Conduct regular gatherings to discuss family matters, fostering connection and shared decision-making.
• Maintain a centralized repository of important documents, financial plans, and family history.
• Have healthy communications with your heirs to address issues and potential disagreements while navigating challenging situations.

Securing Your Family Legacy: Must-Haves in an Estate Plan

While generational planning encompasses more than just finances, a comprehensive estate plan should include the following elements.

Distribution of Assets:

• A Will or Trust will outline your wishes for distributing your assets after your death. Determine which option best suits your needs based on the complexity of your estate.
• Develop a distribution plan for your assets, such as traditional IRA accounts, life insurance, bank accounts, real estate holdings, and personal assets. Documenting these items in a Will or Trust helps avoid probate and dissension.

Decision-Making During Incapacity:

• A Durable Power of Attorney grants authority to a trusted individual to manage your finances and legal affairs if you become incapacitated.
• It’s also essential to have a Healthcare Power of Attorney in place. This allows you to appoint someone to make medical decisions if you cannot communicate your wishes.

End-of-Life Care:

• A Living Will, also known as an Advanced Directive, specifies your desires regarding medical treatment when facing a terminal illness or irreversible condition.
• You should also include any funeral or burial preferences for end-of-life arrangements to avoid burdening loved ones during an emotional time.

Additional considerations to include in your estate plan:

• Address who controls and accesses your online accounts, social media profiles, and digital assets after your death.
• When appropriate, designate a guardian for minor children in case of your premature passing.
• Include provisions for the care and well-being of your pets in your absence.

• Discuss your estate plan with your family and other beneficiaries, ensuring everyone understands your wishes.
• Update your plan periodically to reflect changes in your life, family, and legal landscape.

Why Partner with a Greenville Fiduciary Advisor?

A crucial first step is finding a local financial advisor who understands your unique needs. In this case, a Greenville fee-only fiduciary advisor offers several advantages:

• Because they are not incentivized to sell particular products, their recommendations will be based on your best interests
• Their service fees should be documented so you know the cost of their advice and services from the beginning of the relationship. 
• Their understanding of the South Carolina tax code can be invaluable in making the right financial decisions. 

Building a lasting legacy isn't a one-time event. It's a continuous process that requires active planning and continuous adjustments. Partnering with a trusted financial advisor in Greenville can empower you to make informed decisions, bridge the gap between generations, and create a lasting impact beyond your lifetime.

Get to Know Global View 

At Global View, we're more than just talk. Our dedicated team is all about taking action to protect and nurture your wealth. 

Our team comprises financial professionals with experience in investing, financial planning, tax strategies, and estate planning. What makes us different is how we work together as a boutique firm, focusing on pursuing your personal goals. This collaborative spirit is what sets us apart.

Building wealth isn't just about producing rates of return; it's about making the right choices to maximize the creation and impact of your family legacy. But the right choices go beyond simple investments. When you have significant assets, the stakes are higher, and the need for expert guidance becomes more critical.

Our approach prioritizes the pursuit of your unique legacy. Connect with us to learn more about our multigenerational planning services.