Of legacy and planning and sounding rich…

Have you heard of “legacy planning?”

Chances are that you have. Or maybe “estate planning” or something similar…back in the days, it used to be called “making a will”. With time, a will sounded too pedestrian for people with a lot of wealth, and so financial planners started to make it sound a lot more sophisticated.

So now, it is legacy planning…or planning your “legacy”.

Most banks, wealth management institutions and financial planners speak the same language when it comes to their legacy planning solutions. A lot of warm-sounding text, sprinkled liberally with words such as generations, preserve, assets, liquid, illiquid, alternative, plan, loved ones, bequeath (now this one sounds exceptionally rich) and the like…coupled with a white guy sunburnt face, white hair square jaw big smile and a well balanced family two kids one wife all on a green lawn. It’s almost as if everyone has the same template, and I can swear that I’ve seen that same white guy on more than one site:|

When poor people like me read it…it all sounds so rich that it’s almost as if we can’t afford it. Too poor to afford legacy planning:))

Actually, it’s all about shifting your assets (belongings) to a structure (offshore) that preserves (evades tax) them for future generations (sons, to squander).

But what is your legacy? Is it only just money? Is that all you can leave for your family and the world?

I always thought legacy meant leaving your mark on everyone who knew you. That smile that would come to their faces when they thought of you. That knowledge that you shared with them and they shared onwards. That warm feeling when they remembered the times they spent with you…your ideas, your achievements, your teachings..

Since when did legacy become only about transferring money?

Think about it. See you tomorrow!