Legacy Tips of the Week 1/8/2024

Legacy Leaders Network

January 08, 2024

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Legacy Leaders Network

Tips of the week!

Trivia Question❓

In the world of financial planning, what is the purpose of legacy planning?

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

Interesting Facts

  • Legacy planning can go beyond financial assets: While many people associate legacy planning with the distribution of wealth or assets after death, it can also encompass other elements such as passing on values, family stories, personal wisdom, and philanthropic goals. Legacy planning is about leaving a lasting impact on future generations beyond just monetary terms.


  • Digital legacy is becoming increasingly important: In today's digital age, it is crucial to consider how your online presence and digital assets will be managed after you pass away. Legacy planning now involves addressing concerns such as managing social media profiles, digital accounts, cryptocurrency holdings, and even creating digital memorials or archives.


  • Legacy planning includes succession planning for businesses: Legacy planning is not limited to individuals but often extends to business owners as well. Succession planning plays a vital role in ensuring the smooth transition of a family business to the next generation. It involves identifying and developing future leaders, establishing a sound governance structure, and preserving the company's values and culture for long-term sustainability.


Tip of the week:

Be sure to regularly review and update your legacy plan to reflect any changes in your life circumstances, such as marriage, divorce, birth of children or grandchildren, and significant financial or asset changes.

You Deserve A Laugh

Why did the scarecrow hire a lawyer for his legacy planning?

Because he didn't want to be all straw and no ruling!

💡 Answer to Trivia Question:

The purpose of legacy planning is to ensure that an individual's assets and wealth are distributed according to their wishes, minimizing tax implications, and providing a lasting impact on future generations.

See you on Thursday's Call!