Make Plans to Leave a Financial Legacy

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Delta Jones Walker

By Delta Jones-Walker

“Every generation needs to leave something that helps the next.” These are words of wisdom spoken by my wise father, Mack Dee McMillan.

Financial responsibility and good money management were things that my parents instilled in us as children, and these principles followed me not only into adulthood but into my career path. I have spent nearly 25 years in the financial industry, and there is one area that always seems to be of less of concern to many I’ve encountered and that’s leaving a financial legacy.

The focus seems to always be on retirement planning and making sure that the spouse, significant other and/or children are taken care of. But what about the generations that come after them? Here are a few ways that you can make your financial impact last for generations to come:

Prepare a last will and testament. Preparing a will is not a joyful activity, which is why so many people continue to put it off. However, a responsible financial advisor will remind you regularly that you need to get a will in place and will assist you in getting that task done along with referring other appropriate professionals who need to be a part of the process.

Have open and regular conversations about saving and investing with family. It seems like we only want to talk about money when there is an emergency or great need. To the contrary, “money talks” should be a regular topic of conversation, especially with immediate family members. Talk about the importance of investing and the performance of your portfolio. Encourage your children to learn more about the stock market and building a nest egg. Make an appointment with your financial advisor that includes the whole family so everyone gets the message on what needs to be done to leave a financial legacy.

Give to a charity. Another simple yet impactful way of leaving a financial legacy is by donating to a charity. Is there an organization or cause that has always been near and dear to your heart? Well, arrange to give a gift that keeps on giving such as a scholarship at your alma mater or you might also work with a charity or college to design an annuity in which the institution is the beneficiary upon your passing but pays you interest during your lifetime. You’ll get a tax credit for some of the donation as well.

There are many other ways to leave a financial legacy, but the first step is to be open to having the conversation. Your financial advisor can help get things started, so let’s get moving and do what my father so eloquently stated, “Leave something that helps the next.”

Connect with Delta Jones-Walker and Atled Financial on Facebook, Twitter: @Atled_Financial and LinkedIn! To schedule a complimentary consultation or a presentation to your group or organization, call 219-513-3710 or email djwalker@atledfinancial.com and mention this column. Topic ideas for this column are welcome!

*Securities and advisory services offered through Woodbury Financial Services, Inc., member FINRA/SIPC. Insurance services offered through Atled Financial Group 717 B Main Street Schererville, IN 46375  which is not affiliated with Woodbury Financial.

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