Wealth creation takes deliberate planning, and so does ensuring ones assets will benefit their successors for generations to come. Often, individuals who are able to leave money to their progeny employ the help of a wealth manager or financial planner who can organize and manage the future family legacy.
Whether you are looking to protect your wealth in order to fund charities and philanthropic organizations important to you, or simply want to leave your family enough to maintain a comfortable life, you will need to plan carefully.
When your estate has been properly managed, your beneficiaries can enjoy financial freedom advantages, including:
1. Focusing their time and attention on the things that matter most. Family, friends, charitable activities, and volunteer work often get pushed aside in order to maintain one's financial stability. If you afford future generations financial freedom, they will have the ability to create strong bonds with each other, along with being better members of the global community.
2. Access to innumerable educational opportunities. The average tuition and fees for four years at a private college or university in the United States topped out around $125,000 last year ($27,000 for a four-year state school) according to USA Today. With proper planning, these expenses can be mitigated for those in your family, leaving them debt-free as they enter the real world following graduation; what a gift!
3. Time and funds for travel. Travelling can change a person in profound ways. If afforded the opportunity to travel domestically or abroad, those who do will gain perspective and awareness that can benefit them for the rest of their lives.
4. Freedom to live as they so choose. People often get stuck in jobs, relationships, or living arrangements they no longer find fulfilling simply to maintain financial security. Granting your family financial freedom may lead them to embark on exciting entrepreneurial ventures, take calculated risks, and stress less about potential future times of unemployment.
5. Maintaining a high quality of life. Beyond the ability to purchase indulgent goods or fabulous food (which are, in fact, lovely perks), financial freedom can also equate to peace of mind. Without the financial stress of what the future has in store, issues that arise may seem more like speed bumps than insurmountable mountains.
Again, financial freedom is not an accident. It comes from careful planning. Being able to provide for the needs of your family for generations to come is an extremely gratifying feeling, and it is obtainable for individuals who put in the work.