BY: Jonathan D. Berry, J.D.
Senior Vice President
(817) 502-2931
Legacy is an obtuse word. What is a legacy? What does it mean? Are there different definitions of Legacy? Is everyone’s Legacy the same? How do we help our clients plan their legacies?
An early mentor of mine, Joe Hargrove, had a very poignant description of Legacy. “Think of a systematic withdrawal plan as a river. If you do not drink too much from the river over time, it will grow deeper and wider and become a family legacy.”
This description is the heart of defining a legacy. What someone intentionally leaves behind, allows others access and benefits, that continues as long as effectively managed, is legacy. Each Legacy may look different, and each may leave more than one facet to their legacy.
The foundation of the Legacy concept is simple; it is a financial legacy. Families leave money for the benefit of future generations that may continue into the future as long as possible. This is where we thrive at Heritage. We understand helping families when someone cannot, should not, or will not be in charge of money for an extended time.
We meet the clients where they are in life and help to water the generations behind them while protecting the river. We manage their financial legacy, help distribute it to the beneficiaries, and then continue that legacy to new generations as the grantors and beneficiaries age and eventually pass away. The family entrusts us with one of their most precious items….financial continuation for family.
One facet is not as clear; it is a vocation branch. Families may have a business at the heart of their wealth. The continuation of the business may be more important than the primary financial river they leave. Oftentimes, the business is a 3rd child, a second spouse, or a representation of the creator. Continuing the business as a part of the legacy is almost always important, and we help to plan and discuss but sometimes gloss over the emotional attachment to this facet. The business embodies the grantor, it is a grantor, and the grantor may even consider it to be their best parts remaining behind. This facet may also be seen in practice transitions for professionals: doctors, dentists, lawyers, and accountants. Our job is to look past the asset and see the living aspect of this branch of their legacy.
Another facet is one which we can understand but cannot necessarily plan for our clients; it is the family component. I was privileged to be a part of the Legacy Letter Writing Challenge. Blake Brewer, the founder, hits on this concept perfectly. Without giving too much away, the letter you leave helps to solidify the family legacy. How were you as a parent, spouse, child, and what do you want your family to remember and continue? These innate family characteristics can only be passed on by time and events. Our best chance at fostering this branch would be to invite our clients to have family meetings and encourage them to leave a legacy letter to their family.
The last facet (probably not the final) is a very personal one; it is the gift of faith. Each family has a foundation on which their family is built. Not all, but many, have a faith foundation that nurtures and guides their family life. This branch is one we can only foster and support, however, that may look.
Whether your clients leave the financial legacy and facets of vocation, family, or faith, it is your duty to guide them through the journey. Always remember if you do not drink too much from the river, it will grow deeper and wider. But more importantly, remember, the water of the legacy river and its branches are always cool and refreshing.
