Maximise your legacy with estate planning for future generations

By Fifty21 Media

16 May 2024

AdobeStock_809060054 (1).jpeg.jpg

When starting the legacy and estate planning process, your primary concern might be maximising what you pass on to your family and favourite charities while minimising taxes. However, legacy planning is not solely about financial wealth. While this objective can usually be met through careful and collaborative planning, the more challenging part is often preparing your family for the wealth they will inherit.

Understanding Wealth Beyond Finances

Years of experience working with high-net-worth families have shown that the best approach involves more than financial education for future generations. It requires a cross-generational understanding of what wealth means to individual family members and the family as a whole. To grasp the values attached to the wealth you have created, consider these three fundamental questions.

What Are the Family’s Wealth Objectives?

Identifying your objectives is the first step in creating a legacy plan. Whether you have near-term cash flow needs, long-term wealth transfer plans, or philanthropic goals spanning generations, clarity is crucial. Often, the best way to determine these objectives is through open and honest discussions with family members and trusted advisors. Good communication is critical to a healthy family life and equally important for preserving wealth. Families that succeed through generational transitions have developed real trust, built through compassionate and candid conversation.

Combining Values and Wealth to Create a Lasting Legacy

Every family has guiding values but articulating them can be challenging. Reflecting on certain questions and discussing answers with your family can clarify your legacy goals. Consider which causes matter most to you—perhaps community issues that need your support or charitable organisations you wish to help. Discussing your values and aspirations with those important to you helps develop a detailed wealth plan aligning with your legacy goals.

Aligning Your Legacy Plan with Your Vision

Strategic planning aligns your values and goals with your overall investment strategy and wealth plan. Sometimes, starting with a simplified picture of your wealth helps identify necessary changes to reflect your vision. Successful families in implementing their desired legacy and transitioning wealth to the next generations typically follow two best practices: developing family wealth goals and discussing planning options with advisors to determine the best strategies. Since legacy planning is collaborative, coordinating strategies with multiple specialists addressing different but related issues can be advantageous.

Building a Meaningful Legacy

Legacy planning is an opportunity to assign meaningful value to the wealth you have created and determine what wealth and success truly mean to you and your family. Successful planning often hinges on having open and honest discussions with your family members and advisors, identifying your family’s values and objectives for your wealth, and developing a strategy closely aligned with your goals. With proper planning, you can create an enduring legacy that spans generations.

Maximising your legacy is about more than just financial wealth. It’s about preparing your family, understanding the values attached to your wealth, and creating a strategic plan that aligns with your vision. By following best practices and engaging in open discussions, you can ensure your legacy endures and benefits future generations. With careful planning, your legacy can become a lasting testament to your values and aspirations, providing for your family and supporting causes important to you for years to come.

Latest news

1

Construction begins on new Civil Service office building in Talbot Gateway Alan McBride Muse Will Town Defence Infrastructure Organisation Jennifer Chard Defence Business Services Cllr Lynn Williams Blackpool Council Garry Bowker Vinci

Construction begins on new Civil Service office building in Talbot Gateway

20 May 2025

2

Skiddle raises over £750,000 for charities Skiddle cheque presentation to Alder Hey Hospital

Skiddle raises over £750,000 for charities

20 May 2025

3

Former Victorian Hotel approved for residential conversion The site

Former Victorian Hotel approved for residential conversion

19 May 2025

4

REVOLUTION PARK: Work starts on Darwen’s new home of advanced manufacturing Oliver Webber, Tracy Clavell-Bate and Tim Webber from Barnfield Group with Cllr Phil Riley, second from right, Leader of Blackburn with Darwen Council

REVOLUTION PARK: Work starts on Darwen’s new home of advanced manufacturing

19 May 2025

5

Two Cuckoo Gins named winners in The Gin Guide Awards 2025 Mark Long

Two Cuckoo Gins named winners in The Gin Guide Awards 2025

19 May 2025

Background image for hub sign up block

LBV Hub

Leverage Lancashire Business View platforms

Post your news
Post your events
Post your offers
Build your network
Improve your SEO
Gain coverage in the magazine
Sign-up
Events
LBV122 May/June Launch Event
121 Lancashire Business View Magazine Launch
Networking
21 May 2025

LBV122 May/June Launch Event

Lancaster and Morecambe College, Lancaster, LA1 2TY

08:30 - 10:30

Sub36 Networking
Networking
11 Jun 2025

Sub36 Networking

British Jewellery School, Scorton, PR3 1BA

15:00 - 17:00

Lancashire Net Zero Carbon Conference
Net Zero Carbon Social 1200pxtrident 2
Networking
18 Jun 2025

Lancashire Net Zero Carbon Conference

Crow Wood Hotel & Spa Resort, Burnley, BB12 0RT

08:30 - 13:00

Lancashire Built Environment Conference 2025
BEC 315 X 315 Px
Networking
25 Sep 2025

Lancashire Built Environment Conference 2025

Blackpool Football Club, Blackpool, FY1 6HX

08:30 - 13:00

CMI Level 5 Management and Leadership Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Management and Leadership Course

Preston Campus, Preston , PR1 2HE

09:00 - 17:00

CMI Level 5 Project Management Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Project Management Course

Preston Campus, Preston, PR1 2HE

08:00 - 17:00

RISE - The Academy for Female Leaders and Managers
WENDY BOWERS RISE Illustrstion copy.jpg.jpg
LBV Hub Seminars
02 Apr 2025 - 08 Oct 2025

RISE - The Academy for Female Leaders and Managers

East Lancashire Chamber of Commerce, Clayton le Moors, BB5 5JR

09:00 - 15:30

Preston Freelancer Meet-Up: May
Freelancer Meet-Up May.png.png
LBV Hub Networking
22 May 2025 - 22 May 2025

Preston Freelancer Meet-Up: May

society1, Coworking Space, Preston, PR1 3LT

10:00 - 11:30

Amber River True Bearing quarterly investment seminar
LBV Hub Seminars
22 May 2025 - 22 May 2025

Amber River True Bearing quarterly investment seminar

Cottons Hotel & Spa , Knutsford, WA16 0SU

16:00 - 18:00

The Business Network Central & East Lancashire
LBV Hub Networking
22 May 2025 - 22 May 2025

The Business Network Central & East Lancashire

Mytton Fold, Langho, BB6 8AB

11:30 - 14:15

Liverpool Business Expo 2025
https---cdn.evbuc.com-images-881365363-4862066883-1-original.20241023-085714.jpeg.jpg
LBV Hub Awards
23 May 2025 - 23 May 2025

Liverpool Business Expo 2025

Aintree Racecourse , Liverpool , L9 5AS

09:00 - 15:00

Advantage: AI – A Workshop for Business Leaders – May 29
Artboard 15.png.png
LBV Hub Seminars
29 May 2025 - 29 May 2025

Advantage: AI – A Workshop for Business Leaders – May 29

Door4 Office, Burnley Wharf, Manchester Road, Burnley, BB11 1JG

09:00 - 11:00

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more LBV122 Online Graphic
Subscribe now

Weekly news bulletin