Estate Planning 2.0
I recently gave a talk to the local Parkinson’s support group, such wonderful people. During the talk, we reviewed a tool that I’ve begun using called the Wheel of Life. I’m happy to share this with you, if you’re interested, and explain how it’s been helpful to me and my family. One of the pieces in the wheel of life is labeled legacy. When we think of legacy, we often think of estate planning. When we think of estate planning, we often think of wills, trusts, powers of attorney, and all those documents that we know are vital to have when they are needed. I think of having these documents as estate planning 1.0. During my talk I shared two personal experiences, that I’d call estate planning 2.0.
When I was still in college, my grandmother, Me-me, passed away. We were very close, and it was a sad season. After the funeral in her hometown of Waverly, Tennessee, my uncle approached me and gave me $400. I looked up surprised and said, “What’s this for?” He said, “Your Me-Me wanted to be sure her grandchildren received something when she passed away.” I used that $400 to buy my first guitar. There are now 6 guitars in my house, and I strum one of them every week. This all started with this thoughtful, small part of her estate plan.
My other grandmother, Nannie, did not leave me any financial resources, but to this day my children sleep under quilts that she made. One of my favorites is one that was given to me in 1986, when I was five years old. It’s green and white and in every square there’s a picture of a boy going fishing. These quilts have no monetary value, but, of course, they are priceless to me. Seeing them reminds me on a regular basis how much my grandmother cared about me.
Why do I share these stories with you? Legacy is much more than money, and it involves more than well-crafted estate documents. Your legacy is the culmination of the love and values you pass down in a variety of ways to generations after you. Whether those gifts are to individuals or organizations, give thought to what you might do even today to give part of your legacy to people that you so deeply care about.
Any opinions are those of Landon Vick and not necessarily those of RJFS or Raymond James. The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete; it is not a statement of all available data necessary for making an investment decision and it does not constitute a recommendation. Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional. Be sure to contact a qualified professional regarding your particular situation before making any investment or withdrawal decisions.
