The Financial Planning Blog
Your go-to financial planning and wealth management resource, whether you're just getting started or well on your way to a financially secure future.
There isn’t much grandparents won't do for their grandchildren. In our practice, we are often asked, "How can I help my grandchildren after I’m gone? Can I build a legacy that will remind them of me and provide them additional security?"
When you attain a level of financial security where you feel the freedom to devote resources to causes and organizations that you value, it's worthwhile to take time to think, dream, and plan before you give. Reflecting on your underlying motivations to give can lead to more effective and focused philanthropy and ensure that you work toward achieving your desired legacy.
Use this free workbook to gather a comprehensive list of all information pertaining to your family’s current financial picture!
The Bridge’s Planned Giving Society, Builders for the Future, honors donors who have made a bequest or other planned gift to support their future and build a legacy for future generations. Greg Hammond, president of Hammond Iles Wealth Advisors is a strong advocate of planned giving as a way to create a legacy that reflects one's personal values. He and his wife, Karen are West Hartford residents and long-time Bridge Family Center supporters.
People sometimes think they should stop or reduce their charitable giving when they retire. There are many things to take into account when developing your retirement lifestyle plan. Among those considerations, you may take pride in helping organizations and causes near and dear to your heart, and want to continue your charitable giving throughout retirement.
Generosity is a mindset and a way of life. It's about far more than just giving money, and it is a great tool to teach younger generations about legacy. Growing up, my father and I never really discussed being generous, but he showed me in so many small ways that it has become his living legacy―and now, I am making it my life's work to share the message. It seems that lessons learned best are lessons practiced.
When you think of succession in family companies, legacy assets may not immediately come to mind. Many financial advisors, lawyers and accountants focus on advising their clients on their ownership in the family business because it generates the income that provides the client with their chosen standard of living, gives them the ability to invest, and enables them to pay the advisor’s fees.