Massachusetts Estate Planning & Asset Protection Blog

What ‘Legacy’ Means in 2020

Posted by Dennis Sullivan & Associates on Tue, Feb 25, 2020

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What ‘Legacy’ Means in 2020

 

The concept of legacy can take on a lot of different meanings.

On one level, it can be seen as a purely financial concern. The assets and capital you have worked so hard to accumulate and save over a lifetime. For much of the 20th century, that’s how legacy was defined in this country. It was the funds you were able to pass down to your children and grandchildren.

But that definition is changing, in part as the American definition of retirement is changing as well.

Think about this: At the turn of the 20th century, the average life expectancy at birth was about 47 years. Today, it has nearly doubled. That means the average American retirement is now over 20 years. Great news for all of us, to be sure, but longer lives present us with more challenges and transitions in during our lifetimes than those who came before us. Because of this, we need to plan and prepare a life plan for a successful life and legacy. This is why we developed our Lifetime and Legacy Protection Program.

A modest retirement account was, not too long ago, enough to support a retiree who might need to live 5-10 years on that savings. But what happens when we need resources to live for 15, 20, even 30 years or more? That’s a new kind of life planning and saving challenge.

This becomes especially challenging when you understand financially or economically, depending on your perspective, that all this is happening at the same time that retirement funding is moving from employer pensions and other defined-benefit plans to a system based instead on Individual Retirement Accounts, 401(k)s and other forms of personal savings, as well as spiraling medical and long-term care costs. We also know that the state, federal and local laws continue to change, along with personal and family changes at an ever increasing pace. Most people do not even realize that the new SECURE Act accelerates taxes on inherited IRA and retirement plans.

Not to mentioning the increasing size of student loans due to the funding required for advanced educations as well as the national, state and local  debt service costs being passed on to our children and grandchildren. Perhaps it’s the RIGHT TIME NOW to take stock of your American Values to pass on to the future generations who very much will need to embrace the values that got you and your family and friends to where they are today. It has been said that life, nature, stock markets experience cycles. As we all look ahead, we should ask what can we do for our family our communities, country and world in which we and our children and generations to follow will live in the years, decades and centuries to come?

There are many challenges that affect your financial, legal and personal life and legacy. Your legacy responsibilities are expanding to include a number of new considerations that may well have been ignored as recently as a generation ago, as explained in our new collaborative   resource, “Your American Legacy.” This new resource will be available in March for members of our Legacy and Lifetime Protection Program. We will be also hosting a member only event ”Unpacking  your Core Values and Creating your Legacy What it can Mean for you, your life, estate and legacy plan and your Family for Generations” at 10 AM and 2 PM on March 19th at the Estate Planning and Asset  Protection  Center in Wellesley, located  next door to the new Boston Sports Institute.

The important chapters include – probate planning, saving on taxes and establish the base of the pyramid revealed, both legally and financially – combines everything that our clients and other soon-to-be retirees need to know, making it an invaluable resource for helping people protect their home, spouse, family, communities and life savings. The Estate Planning Asset Protection Law Center of Dennis Sullivan & Associates is proud to provide, “Your American Legacy”. In addition, you will discover the core values important to you and ensure they are reflected in your life, estate and legacy plan.  This is an important resource to help discover and prevent problems which result in 86% of all trust and estate plans being out of date!

You don’t need to be an entrepreneur or an attorney or CPA to have something important to pass on. The modern definition of legacy, as defined in, “Your American Legacy”, includes:

Personal Values:We help people to focus on and prioritize their core personal values, in their legacy plans. Your personal legacy includes how you’ve lived your life and the lessons that you would like to pass on to family, friends, and those you care about.  Whether it be on the financial side, an investment, education, thrift or getting along with family, we can help you accomplish your goals and highlight your values.  

Professional Legacy: We don’t spend 30-40 plus years in the “Professional” workforce just to let all of that experience and learning disappear when we die. For many, there is significant value in passing down your values and approach to work, life, education, and the dedication to hard work and sacrifice to those just coming up. For example, the real workforce starts for some at age 5 or 6 helping grandparents and others in the neighborhood. You may wish to obtain a copy of The Millionaire Next Door by Dr. Thomas Stanley for yourself and or people you care about.

Community Impact: Every one of us is part of something bigger than ourselves. It may just be our family, but it can also be our neighborhood, our town, our city, our country and more. The point is, we all have community. Our place in our communities is part of our legacy as well.

Truth is, there is far more opportunity and responsibility to legacy today than just dollars and cents. And that is why we do what we do. Our team provides a unique education and counseling approach including helpful resources to help people to protect and pass on their entire legacy as well for the future of their lifetime, their families, and generations to come, not just the financial and tax consideration of “legacy”.

We hope this is helpful. If you or others need help and guidance that is what our team at the Estate Planning & Asset Protection Law Center of Dennis Sullivan & Associates is here for.

In order to discover more about protecting your home, spouse, family, lifesavings and legacy for your lifetime and beyond, please call 800-964-4295 to learn more how you can apply these lessons to your own lifetime and legacy plan. We look forward to helping you and your family and thank you for your trust and consideration.

Tags: legacy, 2020

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