You can live and leave an extraordinary legacy! The Living Legacy Plan™ will help you realize that dream. The Living Legacy Plan™ is designed to help you align your Personal, Social and Tangible Wealth in ways to maximize your life impact. An implemented Living Legacy Plan™ will assure that:
- Your personal values and life story is communicated, preserved and passed on to future generations
- You find that “sweet spot” where time, talents and treasure can be invested in the people, needs, causes and organizations that mean the most to you
- You are able to maximize your financial position to pay lower taxes and increase what you have to share
- Family cohesiveness and charitable involvement is enhanced
- You are able to make significant and meaningful contributions that continue long after you are gone.
Legacy planning is not the same as estate planning or philanthropy. Estate planning focuses on transferring of assets. Philanthropy focuses on giving. Legacy planning focuses on how to transfer your total wealth to family and charity. Total wealth includes not just assets, but also values and experience. A Living Legacy Plan™ makes an impact for good today as well as in the future.
Your Living Legacy Plan™: What to Expect
When you engage Generous Vision to help you develop a living legacy plan, you embark on an exciting Journey. Here is what the Journey looks like.
A series of meetings (generally five total) with a two-person team over a period of six to eight weeks. One person has extensive experience in the world of personal finance and financial strategies and the other has extensive experience in the world of non-profit and social impact organizations. We believe this is the best way to help you explore and pursue the real difference you want to make in a world of need. During this time, we will get to know each other well through a series of in-depth and meaningful conversations that will help you explore your wealth in a holistic way. We believe wealth is about a lot more than just your money. In fact we believe a true picture of your wealth is made up of your tangible, personal and social wealth. The Living Legacy Plan is designed to help you look into all three and develop a plan to maximize the impact of the legacy you most want to leave. You will get a workbook that we will use to guide you through the process and record your thoughts and discoveries. The first meeting is free and payment is not until the Journey is complete.
Each meeting consists of a recorded Legacy Talk in which we ask you questions and you relate your experiences and values. The Topics covered are:
- Your family background and growing up years (first meeting)
- Turning points in your life and lessons learned
- Heroes and Angels – who do you look up to and what are your values and passions?
- Vision – your mission and purpose in life.
These conversations are preserved on a CD, a copy of which is given to you and each of your children and grandchildren.
The workbook consists of a number of exercises to help flesh out exactly what is your Personal, Social and Tangible Wealth. Each week we will discuss one section of the workbook. From these exercises, you will discover what makes you tick and what you really want to accomplish.
Between the workbook and conversations, we are able to develop plans to optimize your personal, social and tangible wealth. You will gain valuable knowledge regarding yourself and specific ways you can use the gifts you have to make a greater difference in your life, your family’s life and the world. See the following pages for more details.
Utilizing what you learn from each component of wealth, we will help you pull together the pieces to write a Living Legacy Mission Statement. This is a statement based upon your personal values and resources about the difference you want to make. It becomes a light to guide you in making decisions and charting the course for the rest of your life.
We then show you where your components of wealth overlap and how you can focus in on “the zone” where you are at your best, where all three circles of wealth overlap. This is your Core Living Legacy Plan!
Finally, we help you identify the next steps you need to take to implement your Living Legacy Mission. After all, if you do not take action, all you have done is preserve the past. You have not completed your legacy yet and the Living Legacy Plan™ will help assure that you will live and leave the best legacy possible.
There are three primary components to the Living Legacy Plan™
Living Legacy Personal Wealth Component: what to expect
The purpose of the Personal Wealth component of the Living Legacy Plan is threefold:
- To help you articulate the people, experiences and choices that have shaped you as a person
- To help you identify the values, lessons and wisdom you most want to pass on to your children and grandchildren
- To help you identify some things you still want to do/accomplish in your personal life
Your Personal Wealth Profile:
- Experiences (Personal experiences that shaped my life…and some I still hope to have)
- Values (Values I try to live by and would like to pass on to others)
- Insights (Insights I have learned along the way)
- Relationships (Relationships that matter and why)
- Accomplishments (Accomplishments I’m proud of and why)
- Choices (Choices I’ve made for good and bad and why they were important)
Deliverables - what you actually get:
- “Living Legacy Talks” – a CD recording of you sharing your recollections, stories, dreams and values.
- Your own personalized “Bucket List” of things you still want to do in life.
- A written record of your Personal Wealth Profile
Living Legacy Social Wealth Component: what to expect
The purpose of the Social Wealth component of the Living Legacy Plan is fourfold:
- to help you clarify the issues and causes you are most passionate about
- to help you evaluate your level of satisfaction with your current philanthropic involvement
- to help you evaluate how well your passions and values align with your current philanthropic involvement
- to help you identify philanthropic possibilities which align most fully with your values, passions and causes
Your Social Wealth Profile:
- Inventory (What am I already doing/giving?)
- Contentment (How content am I with my charitable doing/giving?)
- Passion (What do I really care about?)
- Preferences (How do you prefer to be involved and give?)
- Legacy (What difference do I want my life to have made in this world?)
- Margin (What kind of margin do I have or want to have?)
Deliverables - what you actually get:
- An summary of your passions, issues and values that motivate your philanthropic interests
- An analysis of your philanthropic contentment and impact and ways to maximize both
- A list of opportunities worth exploring that exploit your passions
Living Legacy Tangible Wealth Component: what to expect
The purpose of the Tangible Wealth component of the Living Legacy Plan is threefold:
- To help you clarify your financial legacy objectives
- To help you identify the values that drive your financial decisions
- To see what types of investment, tax and charitable strategies that are most consistent with your values and can best accomplish your goals.
Your Tangible Wealth Profile
- Inventory (What are your assets/liabilities/income/expenses)
- Goals (What are your financial and estate goals and objectives)
- Values (What are your financial values that influence your decisions)
- Legacy (What difference do you want your financial resources to make in the world)
- Margin (How much income or asset surplus do you have/want)
Deliverables - what you actually get:
- A summary of your current financial position
- A determination of your financial margin for giving
- A clear picture of the financial legacy objectives and the values that drive them
- A list of financial strategies that could enhance your ability to give and create the legacy you want
- A preliminary cost/benefit analysis of these strategies