Live Your Legacy - Part 3

We have talked before about how Mom and Dad can Live Their Legacy, Not Just Leave It. It’s a beautiful concept that allows Mom and Dad to enjoy the just rewards of Winning at the Game of Life. They can not only see the joy on the Next Generation’s face when they can move their lives forward, but Mom and Dad can ride off into the sunset as heroes.

But what does this actually look like? Who is really in a position to do this? In the US alone, there are 12 million families who will give $1M - $5M in inheritance to the next generation. Generally speaking, most of this wealth is in illiquid equity within their homes and the remainder is in investments and brokerage accounts.

One of our favorite X follows is @KurtSupeCPA who posted the following:

Client's kids are 28, 31, and 34.

She's sitting on $3.2M. Wants to leave it all when she dies.

I asked: "What will they need money for at 58, 61, and 64?"

Their mortgages will be paid. Kids will be grown. Retirement accounts funded.

Meanwhile, right now:

One is drowning in student loans

One can't afford a house in this market

One is planning a wedding on a shoestring budget

$50K today changes their lives. $50K at 60? It's a rounding error.

She's giving $30K to each this year. Watching them use it.

Die with your memories, not your money.

Families can help themselves. It starts with good paperwork, good planning, good strategy, and then good execution. Families can move themselves forward, and there are many trying to help…