How to Leave a Worthy Legacy

Yes, a legacy is more than money. But avoiding money when it comes to what happens when you’re gone will affect those who come after you in ways you may not have wanted. This article in the Montreal Gazette helps to clarify how to leave a sustainable financial legacy.

“While we work to build wealth to satisfy our present needs, we also want to secure the well-being of our families, both while we’re alive and through our estates when we pass on. Think about this as more than just estate planning — you are creating a sustainable legacy.”

How do create this legacy? The first is…taxes, taxes, taxes…

“One of the biggest challenges to creating a sustainable legacy is the tax implications upon death. When you die, the total value of your registered assets is included as income in the year of your death, and all of your capital assets (such as your investment portfolio and recreational real estate) are assumed to have been sold immediately before death. This deemed sale may trigger a sizeable capital gain.”

So, when I die, the state considers that I sold everything upon my death? Interesting. The next…

“…key to creating a sustainable legacy is ensuring that your family understands your wishes…Have “the talk” with your family about what you would like to have happen once you are gone. Share what is important to you and explain how and why you have made the decisions you have. This eliminates all of the second guessing and ensures your legacy is in fact your legacy.”

And, finally,…

“…make philanthropy a family affair by instilling values in your children about the importance of giving back. That “giving back” should be financial, but it can also be a donation of your time. Consider volunteering as a way to share your expertise. Set an example for your children that they can follow in their lifetimes.”

Read more at the: Montreal Gazette.

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