Take Time For Your Legacy
Posted on December 15, 2020 by Don Anderson
Posted on December 15, 2020 by Don Anderson
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Fifteen years from now or thirty-five years from now, what impact will you have left on the world? Your legacy involves a web of family memories, friendships, travels, and contributions to your community.
Even though the stakes are high, and good legacy planning can protect your loved ones from unexpected events, most people tend to procrastinate in this domain of their lives. Yet, we all know that just a few hours of focus can make a big difference. Now, I don't play my alto saxophone as well as Graziatto so thought you'd rather listen to him than me while reading the rest of this article. |
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Even though we've been asked, advised, and instructed to take the steps, we often delay giving this topic the attention needed to get things done. Count me in as a bit of a procrastinator in this area, too. For those of you who choose to make use of this holiday season to make a difference, there are three places where putting in some effort can have an outsized impact.
First, document, document, document. Document your “life”. This may seem obvious, but it’s often missed. Ask yourself whether your family members or executor would be able to find a list of your professional advisors, investments, life insurance policies, financials, banking information, and hidden gems should you not be there to guide them. Trust companies offer helpful documents so that information can flow easily to the person or company asked to “execute your estate”. Truly, many sources exist for documenting your life online or off.
Second, protect your loved ones from an unexpected loss of the person earning the family income and also protect the life of their partner who plays a key role in support of that person earning the income. You can likely afford the short-term coverage and, like a bank line of credit, life insurance should be obtained when you don’t need it so it’s in place when you do. Cannot emphasize this point enough now that we’ve seen how quickly a worldwide pandemic can be imposed on our lives and health.
Third, if you own a business, protect the future of the company and your employees. If you have an equity investment(s) in a private business, will that company have the liquidity to buy out your ownership should something happen to you, or your fund your estate freeze in the future? Protecting your investment with a Legato Fund - inexpensive for the short term and tax-advantaged for the long term - can make an enormous difference to your loved ones, to the surviving business owners, and for your valued employees.
Over the next while, perhaps you can get some of these important items completed. You’ll be happy once you’re done and the impact could last a lifetime, or two.
First, document, document, document. Document your “life”. This may seem obvious, but it’s often missed. Ask yourself whether your family members or executor would be able to find a list of your professional advisors, investments, life insurance policies, financials, banking information, and hidden gems should you not be there to guide them. Trust companies offer helpful documents so that information can flow easily to the person or company asked to “execute your estate”. Truly, many sources exist for documenting your life online or off.
Second, protect your loved ones from an unexpected loss of the person earning the family income and also protect the life of their partner who plays a key role in support of that person earning the income. You can likely afford the short-term coverage and, like a bank line of credit, life insurance should be obtained when you don’t need it so it’s in place when you do. Cannot emphasize this point enough now that we’ve seen how quickly a worldwide pandemic can be imposed on our lives and health.
Third, if you own a business, protect the future of the company and your employees. If you have an equity investment(s) in a private business, will that company have the liquidity to buy out your ownership should something happen to you, or your fund your estate freeze in the future? Protecting your investment with a Legato Fund - inexpensive for the short term and tax-advantaged for the long term - can make an enormous difference to your loved ones, to the surviving business owners, and for your valued employees.
Over the next while, perhaps you can get some of these important items completed. You’ll be happy once you’re done and the impact could last a lifetime, or two.
Don Anderson
Legato...Insurance for Life
Legato Wealth Management Inc.
Vancouver, British Columbia
Legato...Insurance for Life
Legato Wealth Management Inc.
Vancouver, British Columbia