Websters Dictionary defines the term “Legacy” as: 1) a gift by will especially of money or other personal property, or 2) something transmitted by or received from an ancestor or predecessor or from the past. As an estate planning attorney, I see the term “legacy” most often associated with the transfer of money or some item of real or perceived worth. While that most certainly is an appropriate use of the term under the first definition above, it’s a use that greatly diminishes what a legacy can and perhaps should be.
For many people, the decision to purchase life insurance is somewhat of a given. You’re going to pass away one day, right? So why not leave a pot of cash for those you leave behind?
For those of you who have been following the news, you have probably noticed the jockeying that has been going on between the democrats and the republicans as each party makes their final push to pass their year-end legislative agendas. While this political posturing many times leads to legislative gridlock to the point where no meaningful legislation from either side of the aisle gets passed, this December may prove to be different.
You have spent your entire life building your company from the ground up. You have made the right decisions and, with a little help from lady luck, have created something that has provided for your and your family’s financial well being.