Legacy Tips of the Week

Legacy Leaders Network

December 11, 2023

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Legacy Leaders Network

Tips of the week!

Trivia Question

Trivia Question❓

In the field of Legacy Planning, what is the term used to describe the legal process of transferring a deceased individual's assets to their designated beneficiaries, while also minimizing taxes and ensuring the fulfillment of their final wishes?

Answer at the bottom of the newsletter

Quote of the Week:

"Legacy is not leaving something for people. It's leaving something in people." - Peter Strople

Tip of the week:

  • Legacy planning involves more than just distributing assets: While many people think of legacy planning as simply deciding who will inherit their wealth and possessions, it actually encompasses a much broader spectrum. Legacy planning also involves leaving behind values, morals, beliefs, and life lessons for future generations to cherish and carry forward.


  • Legacy planning can help create a lasting impact on society: Legacy planning goes beyond individual beneficiaries and can have a positive impact on society as a whole. Through charitable giving, setting up foundations, or endowing scholarships, individuals can leave a legacy that supports causes they care about, leaving a lasting mark on the world.


  • Legacy planning can help minimize conflict and provide peace of mind: One of the underlying goals of legacy planning is to ensure that your wishes are carried out after your passing. By clearly documenting your intentions and desires through legal instruments such as wills and trusts, you can minimize the potential for family disputes and provide your loved ones with peace of mind knowing that your legacy will be handled according to your wishes.


Tip of the Week:

One secret hack for Legacy Planning is to use a revocable living trust.

You Need a Laugh:

Why did the legacy planner bring a ladder to the client meeting?

Because they always aim high when it comes to inheritance!

Trivia Answer

💡 Answer to Trivia Question:

The term used to describe this legal process is "Estate Administration."

See you on Thursday's Call!