Why Legacy Planning Works

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Why Legacy Planning Works
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Why Legacy Planning Works

Legacy PlanningLegacy planning goes beyond mere numbers, aligning traditional estate planning with a family’s goals and values. The process includes defining and expressing what wealth means to a family. It involves identifying the core values that bind the family, and in many cases it involves grooming children and grandchildren to be guardians of not just wealth, but also those values.

Legacy planning prevents surprises by bringing extended family into the planning process. And it lets patriarchs and matriarchs see their legacy begin to unfold while they are alive to appreciate it.

All affluent families are concerned with preserving and managing their wealth. They want to successfully navigate the risk that’s part of the modern world. But they’re more concerned about the things that can’t be quantified, such as bestowing wealth on children in a healthy way; expressing familial values through philanthropy, and ensuring that future generations understand the family’s values and the source of its wealth.

Traditional estate planning can preserve and apportion wealth. But it does not help to ensure a stable legacy within a multi-generational family. It focuses on a transfer that occurs after a death, and it pertains to quantifiable financial assets. Little in conventional planning fosters long-term family harmony.

And that is a key reason why family wealth doesn’t last. Numerous studies have found that about 70% of all families lose their wealth across generations. While bad spending and tax decisions account for part of the failure, the most important factor is lack of communication, trust and preparation within a family.

This is hardly breaking news: Families’ boom-to-bust cycles are expressed in numerous old proverbs from around the world. You may know the expression “from shirtsleeves to shirtsleeves in three generations.” The Chinese speak of going “from peasant shoes to peasant shoes in three generations.” Scots say “the father buys, the son builds, the grandchild sells, and his son begs.” And in Italy, families are said to go“from the stable to the stars and back again.”

Family harmony and cohesion, so indispensable to making wealth last, drives legacy planning. All the accounting, legal and tax work associated with estate planning is critical, of course. But legacy planning, by acknowledging the connection between wealth and purpose, helps to make that work understandable and meaningful. And it helps to preserve families’ values along with their money.

Janiczek® Wealth Management

Janiczek Wealth Management provides comprehensive investment and wealth management services tailored to the needs of high net worth investors (individuals with portfolios of $2 to $20 million) and ultra-high net worth investors (individuals with portfolios of $20 million+). The firm specializes in serving accomplished business owners and C-level executives, with a particular specialty in assisting those experiencing a life-changing liquidity event. Named among the top, best and most exclusive wealth advisors in the country multiple times*, the company has been a pioneer in Evidence Based Investing and Strength Based Wealth Management™ and its founder was awarded the patent on Systems and Methods for Optimizing Wealth. Serving clients across the country on a fee-only, fiduciary basis, it welcomes opportunities to serve like-minded clients within its exclusive niche. For more information go to www.Janiczek.com or call Janiczek® at 303-721-7000.

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*Ranked/Named among Top, Best and Most Exclusive Advisors sources: Barron's March 2016, 2015, 2014; Advisory HQ March 2016; Financial Times June 2015; Five Star Professional November 2015, 2013, 2012,2011, 2010, 2009; Mutual Funds Magazine January 2001; NABCAP September 2010, 2011, 2013; Worth Magazine July 2002, January 2004, October 2004, October 2008; Wealth & Finance International, October 2014. Rankings and/or recognition by unaffiliated rating services and/or publications should not be construed by a client or prospective client as a guarantee that he/she will experience a certain level of results if Janiczek Wealth Management is engaged, or continues to be engaged, to provide investment advisory services, nor should it be construed as a current or past endorsement of Janiczek Wealth Management by any of its clients. Rankings published by magazines, and others, generally base their selections exclusively on information prepared and/or submitted by the recognized adviser.

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