Creative Ways to Leave a Lasting Financial Legacy

When people start looking at ways to leave a legacy when they die, usually one thinks of their children and loved ones. Some additionally think of causes and charities that have been meaningful to them during their lifetime. Here are some remarkably creative ways to consider adding to your legacy planning:

Share Knowledge and Expertise

Teach Financial Literacy: Educate your loved ones about money management, budgeting, and responsible financial practices. This knowledge can be more valuable than a one-time cash gift, as it empowers future generations to build and maintain wealth.

Write an Ethical Will: Create a legacy letter that communicates your values, life lessons, and hopes for future generations. While not legally binding, it can be a treasured keepsake that guides financial decisions.

Leverage Non-Cash Assets

Donate Appreciated Securities: Gift stocks, mutual funds, or ETFs directly to charities. This strategy allows you to take a tax deduction and remove unrealized gains from your portfolio.

Create a Conservation Easement: If you own significant property, consider placing it in a conservation easement to preserve natural habitats and open spaces for future enjoyment.

Establish Lasting Structures

Set Up Education Trusts: Create trusts specifically dedicated to funding education for future generations, opening doors of opportunity.

Start a Family Foundation: Involve multiple generations in philanthropic work, instilling a sense of social responsibility and stewardship.

Create a Scholarship Fund: Support students in your field of expertise or from underserved communities, opening doors of opportunity long into the future.

Utilize Time and Talent

Volunteer and Mentor: Donate your time and expertise to causes you care about. Be a mentor to youth or offer pro bono advice in your field of expertise.

Document Family History: Preserve your heritage through written memoirs, video interviews, or a family history book, giving future generations a sense of their roots.

By implementing these unique strategies, you can leave a meaningful legacy that extends far beyond monetary gifts, shaping the values and opportunities of future generations. If you have specific questions about leaving a legacy, please schedule an appointment with one of our iWealth Advisors.