It is customary for people to take inventory of their lives as they grow older, wondering about their impact on the world and the people closest to them.
A legacy is often the story of one’s life and the things he or she did through the years. The following are some guidelines that can help people establish lasting legacies.
●Keep track of your story. Grab a journal and start jotting down events that occur in your life. Mention particular achievements or notable things that occur from day to day. Pepper these accounts with stories of your family and childhood to start establishing an autobiography of sorts.
●Consider your daily actions. Even though people may imagine it is the grand gestures that are remembered most, quite often it is the simplest acts that make the most impact. Smile at people, compliment others and offer positive advice when it is sought.
●Research investments that are profitable. If the goal is to make money to leave for future generations, investigate your options. These include assets that can retain their value.
According to NewRetirement.com and Stepping Stone Financial, Inc., vacation homes mean a lot to families and they also can be a source of future revenue should they be rented or sold.
●Name children or other relatives as beneficiaries on Individual Retirement Accounts (IRAs). With Roth IRAs, distributions are tax-free as long as the person who set up the IRA met the five-year holding period for contributions and conversions.
Beneficiaries can have five years to take out money from the account; otherwise, they can convert the plan to an Inherited IRA, which stretches out distributions over their life expectancy.
●Write a legacy letter. A legacy letter is a way to speak directly to loved ones and say all those things that you had wished you told them earlier.
but maybe did not find the words or perhaps never had the time, according to Forbes. The letter ensures others know just how much joy they brought to your life and the pride you had in knowing them.