Wednesday, June 20, 2012

Is Legacy Important to You?

One of the most important issues that any wealth manager handles for clients is the legacy that they plan to leave behind to their children. But a new study from U.S. Trust shows that the Baby Boom generation as a whole is less inclined to leave a sizable inheritance to the next generation. Just 55 percent of wealthy Baby Boomers - defined as those with at least $3 million in investable assets - say it's important to leave a financial legacy to their children.

Just 44 percent said it was important for the affluent to pass some part of their wealth on to future generations. Another 31 percent said it was more important to leave a legacy to their church or other charitable endeavor than to leave something for their children.

No matter your feelings toward your legacy, the important thing is to maintain the financial flexibility such that it can be your decision. With proper estate planning, you can leave the gifts you want to your children, grandchildren, or favorite charity. If you are wondering about the legacy you'll be leaving behind, feel free to give me a call.

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