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Parents Have the Power

Photo of author, Teresa Shawver, FPQP™, CPFA®.
Teresa Shawver, FPQP™, CPFA®
Manager of Advisory Service Standards

Do you want to build or destroy your child’s future through legacy?

As parents, we naturally want to take care of our children however we can. Even before they are born, mothers spend nine months living, breathing, nourishing, and caring for our own bodies with our unborn child’s well-being in mind.

Once the first sleepless nights of parenthood have quieted down and we are able to think again, we then spend the next 18 years teaching life lessons to our kids about faith, love, relationships, responsibility, finance, community – grooming them to become valuable and contributing members of society, not just consumers. During that process, and beyond, so many wonder if they’re doing it right. I heard a radio personality recently suggest, “If you are questioning whether you are a good parent, it probably means you are doing it right.”

It reminded me of a thought-provoking article I read, “Leaving a Legacy Without Destroying Your Children” by Keith Taxguy. Taxguy suggests we should never leave all our assets to our children. He even sets a threshold of no more than 7 figures, regardless of net worth, because even $1 Million is enough to cause some to be lazy and careless in their actions.

Whether we agree or disagree with what may seem to some to be an extreme approach to legacy planning for our children, there are definitely some valid points to encourage our own thinking about how we want to shape the financial future(s) of our children.

If you are uncertain about how best to take care of those you love -- for today and tomorrow -- talk with your trusted financial advisor about legacy planning. It's never too early, and life can change in an instant.

Do you want to build or destroy your child’s future through legacy?

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