What is Legacy Planning?

August 1, 2017

By: Roy P. Kozupsky

I often get asked by clients some form of the following two questions:

“Why is it that many families fulfill the proverb of shirtsleeves to shirtsleeves by de-scending into intra-family conflict or plundering the wealth bestowed on the family by an earlier generation?”

And, “Why is it that some second and third generations of other families are able to perpetuate their core values staying united by the fabric of their family’s shared values and whose next generations are flourishing into thought leaders in their businesses and philan-thropic endeavors?” These multi-generational families are called Legacy Families, and they have a few characteristics that clients and their advisors need to be mindful of.

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