While creating an estate plan is a common part of a financial plan, creating a family legacy is equally as important when thinking about how you want the wealth you’ve built to be distributed. In addition to including your family in financial discussions early on, you can also discuss what’s important as a family, such as traditions, memories, goals, and dreams.

Here are a few things to think about when it comes to creating a family legacy and developing a plan that’s less about assets and more about life:

1 – Focus on values.

You can leave a legacy that underscores your values and reinforces what is important to you for decades to come. What is most significant to you and your family? Education? Philanthropy? Entrepreneurship? Make your values a reality through various avenues, including direct contributions, conditional or structured payouts, and more.

2 – Nurture your family’s true assets.

Strengthen family unity and promote achievement through your legacy. Whether that’s support for a family member raising young children, starting a business, or engaging in any other endeavor, your estate can support their efforts.

3 – Structure inheritances appropriately.

Make distribution decisions that promote self-sufficiency and support goals over emotional needs. Doing so can add to the longevity of your family’s assets. Consider the age and emotional maturity of your heirs. Are they ready to properly manage the amount of money they will inherit? Will a large windfall do them more harm than good? Be sure to also consider non-financial inheritances as well such as sentimental items and important family heirlooms.

The only one who can determine the type of legacy that’s important for your family is you. We hope these tips can help you create a family legacy outside of the financial aspect. FSU Credit Union is proud of its relationship with Private Wealth Management and Consulting (PWMC) to help members pursue their financial goals and manage their investments and is happy to help our members connect with them!

Private Wealth Management and Consulting (PWMC) representatives will be happy to meet with you at one of the FSU Credit Union branches or by phone. Or, members are welcome to visit one of the PWMC offices. Call FSU Credit Union today at (850) 224-4960 or PWMC directly at (850) 692-2500 for an appointment. For more information, including office locations, you can also visit the PWMC website at pwmcllc.com or email Edward Knowles, AIF/BFA at eknowles@pwmcllc.com.

For more information, visit https://fsucu.org/financial-planning.

Private Wealth Management & Consulting


Written by Securities America for distribution by Edward Knowles.
Securities offered through Securities America Inc., member FINRA/SIPC. Advisory services offered through Securities America Advisors, Inc. Florida State University Credit Union, Private Wealth Management & Consulting and Securities America are separate entities.
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