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THE Legacy Hierarchy™ STAGE 2: SECURITY – CLARITY + CONVERSATION

We stand on the precipice of a crises. A crises of Wealth and Legacy. Families being ripped apart, brothers and sisters stop talking and money that could be invested in the family is wasted on frivolous lawsuits. We need a new approach. Preparing families for the responsibility of wealth requires two keys.

Key number 1 is Clarity. Key number 2 is Conversation.

Key number 1, Clarity. When distributions of wealth are made are we clear on how they will be done. Will there be conditions, will there be incentives, will there be guidelines, will there be triggers. We have to be clear in our words. Standard plans use the words distribute income and principal for health, education and support.

Health- what does that mean
Education- what does that mean
Support- what does that mean

Key number 2 is Conversation. We have to have the right conversation in our families.

When our kids were juniors in high school they came to us and said, dad, mom, when we go to parties we are going to drink. You have a choice. We can drink and tell you or we can drink and not tell you. After they revived us from our shock, We told them fine. If you drink then you will never ever ever ever get into a car and drive and you will never ever ever ever get into a car with someone who has been drinking. And, if they ever need us to pick them up, no matter what time of night 2 or even 3 in the morning, we will come get them. They agreed. We showed them love and respect and in return they gave us trust. Our daughter is now graduating the University of Arizona Eller School of Business and she is one of a few students going to meet Warren Buffet. Our son has a heart the size of the grand canyon.

Our beloved family pet was diagnosed with cancer. We knew chemo wasn’t the answer. We gave her whatever she wanted. She held on until my daughter could come home from school. A new conversation was the love that my wife, my two children and I had as we were all together when we said our good-byes to our 12 year old German Shepherd.

Wealth and legacy is like a footprint in the sand. For some of us we were left a large footprint by past generations on which to follow. For others, there was no footprint. But the question is what type of footprint will you leave. Will it be one that is strong? Will it be one that stands the test of time? Will it be one that is bigger and greater than ourselves or will it be the same old tired stories, the same old tired behaviors, the same old tired messages?

We stand on the precipice of wealth and legacy? Will you go left and plunge off a cliff or will you go down and to the right and have an adventure to remember. The plans we do for people have had a wonderfully positive impact. If you would like to create your footprint in the sand please contact our office.

Next week we will explore an often misunderstood estate planning technique. Stay tuned.

Our vision is to enhance the way people think and talk about wealth not only in money, but in values, beliefs and traditions. Our mission is guiding people in Mastering the 5 Stages of Wealth. Survival to make ends meet; Security for themselves and their family; Affluence in enjoying the fruits and benefits of the hard work put in to make money; Influencing others through clarity of purpose and vision; and Legacy of how you will be remembered and the impact and difference you can make in the world.

Thank you for being a part of our Straight Talk community. What stage of wealth are you in? What can you do to get to the next Stage?

CategoryLegacy Hierarchy
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