Emotional and Social Estate Planning

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This is our next blog in a series about how to plan and care for our aging loved ones. In this article we discuss the emotional and social aspects of our capital and the legacy we wish to pass onto future generations.

Our clients and their parents have spent most of their life accumulating wealth and want to retain as much as possible to pass onto future generations in a tax efficient manner. When one hears estate planning, this is generally what they think of – the financial side. We obviously know the importance and spend a good amount of time helping our clients and their parents with this.

In addition (whether we plan for it or not) the emotional and social aspects of our capital are also a part of the estate that is passed on to children and grandchildren. We also spend a lot of time talking with our clients and their parents about what “emotional and social” capital they want to pass on to future generations.

We have a series of questions we have found useful in helping our clients and their parents. Some examples:

  • What do you want your legacy to be known as?
  • What values do you want to be remembered for and continued in future generations?
  • If philanthropy is important to you, what are your wishes for it to be supported after you pass?
  • What do you believe are the most important things in life?
  • What are your top three proudest accomplishments?
  • How would you like your family to use their inheritance from you? What would you like them to accomplish with it?

Most of us would like the values we stand for to live on in future generations. Communicating this to our children and grandchildren is an important step that sometimes is overlooked or sadly, not discussed in time. As always, we would be happy to talk through your individual situation and offer any help we can.

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