Legacy Blueprint: A Five-Step Process for Building a Meaningful Legacy
Comerica Wealth Management
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Comerica Wealth Management
Key Takeaways:
Building a lasting legacy isn't just about managing your finances—it's about weaving your aspirations, values and dreams into a tapestry that benefits generations to come. You need a robust family financial plan to bring this vision to life.
Use this five-step process to set forth your plan and leave a legacy that resonates, protects, and empowers your loved ones:
1. Identify your Financial and Non-Financial Goals
Dive deep into what truly drives you—in personal relationships, career pursuits, charitable endeavors and financial ambitions. Do you want to spend more quality time with your loved ones? Are you looking to build a shared passion for philanthropy in your children? Maybe safeguarding your wealth from potential risks is top of mind.
By recognizing the financial and emotional drivers of your aspirations, you can craft a clearer and more compelling legacy blueprint.
2. Create a Family Mission Statement
Successful families share clear communication, deep-rooted unity and a common purpose. Crafting a written mission statement solidifies these values. This evolving document reflects your family's ongoing intentions and goals, fortifying trust, transparency, and a shared understanding.
To navigate important conversations, consider involving trusted advisors, ensuring your family's vision and legacy are accurately captured.
3. Engage the Next Generation
Legacy planning is more than just a transfer of wealth; it's an invitation to the next generation. It’s an opportunity for them to participate and carry forward family values. Instead of just laying out directives, look for moments of collaboration, ensuring their values and visions are included.
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By educating them on wealth, inheritance, and responsibilities, you're building bridges. You’re providing financial acumen and emotional connectivity that will help your family thrive for years to come.
Use legacy planning as an opportunity to connect with family members. Create a shared sense of purpose.
4. Develop and Implement a Wealth Plan
To forge a lasting legacy, it's important to work with expert advisors in finance, law and taxation. Your comprehensive wealth plan should cover every part of your financial life: from estate and tax planning to business transitions and investment strategies.
Align this plan with your family's mission and core values. Designate a primary advisor who will seamlessly work with all involved, ensuring clear communication and coordination. Let this plan be the beacon guiding your family's financial future.
5. Review and Update your Legacy Plan Regularly
Just like life, your plan will evolve as your story continues to unfold. Review your family situation, assets and wealth plan every year and update accordingly.
Planning your Legacy?
Work with the experienced advisors at Comerica. We’ll help you put in place a robust plan to safeguard your family’s financial future. Contact your Comerica Relationship Manager or contact Comerica Wealth Management today.
NOTE: IMPORTANT INFORMATION
This is not a complete analysis of every material fact regarding any company, industry or security. The information and materials herein have been obtained from sources we consider to be reliable, but Comerica Wealth Management does not warrant, or guarantee, its completeness or accuracy. Materials prepared by Comerica Wealth Management personnel are based on public information. Facts and views presented in this material have not been reviewed by, and may not reflect information known to, professionals in other business areas of Comerica Wealth Management, including investment banking personnel.
The views expressed are those of the author at the time of writing and are subject to change without notice. We do not assume any liability for losses that may result from the reliance by any person upon any such information or opinions. This material has been distributed for general educational/informational purposes only and should not be considered as investment advice or a recommendation for any particular security, strategy or investment product, or as personalized investment advice.
Comerica Wealth Management consists of various divisions and affiliates of Comerica Bank, including Comerica Bank & Trust, N.A; and Comerica Insurance Services, Inc. and its affiliated insurance agencies. Comerica Bank and its affiliates do not provide tax or legal advice. Please consult with your tax and legal advisors regarding your specific situation.