There is a game that most of us have played before, whether around the campfire or in some other setting: “Telephone.” In this game, you tell a story to the first person who repeats it to the next, and so on, until the story makes it around the circle. It’s fascinating how the story changes even when people are trying faithfully to keep to the original facts. The more complex the story, the more the story mutates.
People often plan carefully to pass on their financial wealth. They make sure they do a Revocable Trust or Will. They designate in writing who should get life insurance benefits and retirement accounts. That is all a good start. But, your most important assets are usually not your financial ones. They are your hopes and dreams, your philosophy of life. These are central to who you are. Yet, if passed on at all, these are usually passed on by word of mouth.
Just like with the game of Telephone, distortions are extremely likely, even under the best of circumstances. Place that in the emotionally charged environment surrounding your death, and the game of Telephone becomes a nightmare. Can you imagine dealing with your financial assets this way? Of course not. A bank would laugh at you if you walked in and said, “Mom and Dad told me that they wanted me to use their money to go to college, but they did not put anything in writing. I’d like $10,000 from the account, please.”
A new approach to estate planning takes a holistic approach that includes planning for the transfer of financial assets, but goes beyond that to include the recognition and conveyance of your non-financial wealth in the form of experiences, hopes, dreams, and philosophy of life. “Legacy Wealth Planning” encompasses all aspects of your wealth.
Don’t rely on chance to pass your most cherished assets. A qualified Legacy Wealth Planning attorney can help you pass and preserve all your wealth.
Ronald “Chip” Morrison, Jr. has devoted his practice to estate planning matters for more than 18 years and has been a Member of the American Academy of Estate Planning Attorneys since 2017. The firm has helped thousands of clients meet their estate planning goals and pass on lasting legacies to their loved ones. To learn more about how you can achieve your estate planning goals, please call (504) 831-2348 or visit our website at www.morrisonlawplc.com.
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