Dying happens in the physical, but part of you lives on beyond this through the lives you touch and the impact you have on the community around you. This is your legacy.
Through smart planning and strategic allocation of your resources, you can ensure that both your love for others and your philanthropic efforts are felt well beyond your days.
It’s not about ego
For some, the idea of a legacy can have negative connotations. It can seem a bit showy, as if someone is overly focused on reminding the world of how important they are. At its core, however, a true legacy is not about this. Instead, it’s outward focused rather than inward looking.
Your legacy is about two key elements: the people you hold dear and the causes you care about. With this as your starting point, the possibilities are endless for how you choose to bring your legacy to life. You can donate to organizations or leave gifts for loved ones. You can share your knowledge with others or stand up for those without a voice. It’s your wealth, so the choice is yours.
Many people choose to build a legacy quietly in the background, preferring not to draw attention to their efforts to share their good fortune. Others choose a more public approach – not out of pride, but rather to use their network or professional prominence to amplify their message. Again, the manner in which you create your legacy can be tailored to your preferences.
The people you love
When you spend a lifetime caring for your family and friends, it’s natural to want the best for them also after you’re gone. If you have wealth beyond your needs, contributing to the financial well-being of the most important people in your life can be a source of joy and provide peace of mind. Depending on your goals and others’ needs, you have many options for how to do this, including:
- Build their financial foundation. Your children and grandchildren will find their own paths in life, but you can help them start on solid financial footing. Whether it’s an RESP to support their education or a life insurance policy to build assets while guaranteeing their lifetime insurability at a low premium, these are meaningful financial gifts with transformative results.
- Hand over the reins to the family business. If you’ve worked hard to build up an enterprise, you may want to see this legacy carried forward once you’re ready to hang up your hat. With smart succession planning, you can ensure a smooth transition and financially efficient hand-off to your kin.
The causes you champion
Philanthropy may conjure up images of national campaigns and major donations, but it’s also about small kindnesses and lending a helping hand in your neighbourhood. You may already be doing this with causes close to your heart. And when you have wealth to share, you can continue your efforts to brighten lives and improve the world even after your lifetime. Whether on a small scale, a large scale or somewhere in between, there are various ways to do this, including:
- Partner with an existing organization. Working with an established non-profit is an efficient way to translate your time, money and expertise into immediate impact. With the infrastructure already in place, you can focus on action.
- Establish a foundation. Setting up your own foundation is one way to create a lasting impact with greater control over how, when and where the results are felt. With careful planning, you can put your wealth to work driving positive change in the world long after you’re gone.
Planting seeds of hope
While your legacy is mostly about the positive impact you can have in the future beyond your lifetime, it has its roots in the here and now. To maximize your support for cherished people and favourite causes after you’re gone, you need to lay the foundation while you’re still around. You currently have a voice to shape your legacy, but you will lose this power when you leave this world.
At Rubach Wealth, we support our clients in the process of identifying what’s most important to them and implementing strategies to translate their wishes into long-lasting good. To have a conversation about creating a meaningful and enduring legacy, contact us at (647) 349-7070