The three dimensions of legacy are the personal, the social, and the financial. An individual’s personal legacy is found in the relationships that have been nurtured throughout a lifetime. The social dimension of legacy is comprised of the impact a person’s life has had on the world and is reflected in the causes and organizations people care about most deeply. The financial dimension consists of the monetary assets that one has accrued over a lifetime.

There is no doubt that “money makes the world go ‘round.” Our society and systems all require capital to function. This reality prompts many to think planning is “all about the money.”  Advice typically centers on how to maximize wealth, increase inheritance, and minimize taxes. These kinds of goals are, of course, reasonable. But when the financial dimension of legacy is the sole focus, the planning process quickly becomes more about means, rather than a more inspiring end.

 When people think purely in the financial dimension, the driving emotion is fear. This is particularly true in an uncertain economy. Fear can sometimes motivate action, but more often it causes paralysis. Fear can lead people to hoard their seemingly scarce resources or to repeatedly postpone the decisive actions that are critical to their success.

In our experience, when individuals and families recognize that there are three dimensions to legacy, they are empowered to do more that matters to them. They often find that with the right plans in place, they actually have the excess financial capacity to make it happen. By beginning with a greater end in mind, you can create a legacy that is true to your most cherished values.  

In my next post, I’ll begin to describe a method of planning that enables you to do all of the good you want to do.

Peace,

Ron Ware