After you are gone, your loved ones will miss you deeply. They will long for your words of encouragement and concern. Hearing your voice again is a tremendous gift. At Sky Unlimited Legal Advisory, we guide you to leave a legacy that includes much more than just your money.
Through our unique legacy process, you can give your loved ones a most precious gift - a lasting expression of your love. Is there anything more priceless?
We believe estate planning is not just about transferring your financial assets and personal belongings, it's also about capturing and transferring your valuable intangible gifts: who you are and what's important to you - your values, insights, stories and experiences.
"It's too often I hear from colleagues how so few people ever leave their loved ones some lasting legacy of themselves. They even tell their clients to record a message and put it in a safe place or simply write notes to their children letting them know how they felt about them. But we all get caught up with our day-to-day that focusing in on leaving a legacy falls behind."
At Sky Unlimited Legal Advisory, preparing a Family Legacy is part of how we help you capture and pass on more than just your money: your intellectual, spiritual and human assets - who you are and what's important to you.
"I love hearing from many how the thoughts, feelings, memories, and advice they share - especially parents - is the real gift that they give to their families. It's the point of pride that I take in my practice to be able to help clients create their true, lasting legacy. That is so much more important than the paper documents in their binder. "
For more information about creating a Family Legacy, please contact us at (650) 761-0992, today.
Surprisingly, this is especially true when it comes to affluent parents. And, we hope to change it because one of the most important things you can do is talk to your kids (and your parents) about money.
According to the Spectrem Millionaire Corner, a market research group, only 17% of affluent parents said they would disclose their income or net worth to their kids by the time they turned 18. A nearly equal amount, 18% said they would never disclose these numbers to their kids. 32% of the rich parents surveyed by Spectrem said “it’s none of their business” when asked why they would not talk to their kids about money.
But, that’s just faulty thinking, wouldn’t you agree?! We hope so! But, if not, read on …
The amount of money generated by your family, and what will happen to it when you or your parents become incapacitated or die is definitely your business. In fact, we believe it may be the most important business you have. And whether your parents talk with you about it now, or you figure it all out after they die, your parent’s money has a huge impact on you.
The fire is advancing at the rate of a football field every second, so the actions you take in the next few moments will determine whether you and your family live or die.
While this may sound like a scene from a blockbuster disaster movie, it’s actually the very scenario Judy Shannon faced in December 2017. And it’s something we can expect to see more and more as the impact of climate change sets in.
Judy was at home with her two young children, her elderly mother, and a puppy, when an out-of-control wildfire threatened to engulf her Ventura County home in Southern California.
Fortunately, she and her family escaped without injury. But her home, her neighborhood, and hundreds of other buildings in the area were burned to the ground. Shopping for supplies in the aftermath, Judy reflected on whether or not she could have done more to ensure her family’s safety in those last moments before evacuating.
“As I look back, I wonder, ‘Did I do enough?’” Judy recalled. “I can honestly say I didn’t have much choice in those 20 minutes. I responded without much thought and felt a sense of being carried, or moved about, with each step.”
Judy highlights a critical aspect of facing such life-threatening emergencies: You won’t have time to think; you must be prepared to act and act fast. Your life and the lives of those in your
family absolutely depend on it.
Yet many of us put more effort into planning for our vacations than we do to prepare for a time when we may no longer earn an income.
Whether you’ve put off planning for retirement altogether or failed to create a truly comprehensive plan, you’re putting yourself at risk for a future of poverty, penny pinching, and dependence. The stakes could hardly be higher.
When preparing for your final years, it’s not enough to simply hope for the best. You should treat retirement planning as if your life depended on it—because it does. To this end, even well thought-out plans can contain fatal flaws you might not be aware of until it’s too late.
Have you committed any of the following three deadly sins of retirement planning?
1. Not having an actual plan
Even if you’ve been diligent about saving for retirement, without a detailed, goal-oriented plan, you’ll have no clear idea whether your savings strategies are working adequately or not. And such plans aren’t just about calculating a retirement savings number, funding your 401(k), and then setting things on auto-pilot.
Once you know how much you’ll need for retirement, you have to plan for exactly how you’ll accumulate that money and monitor your success. The plan should include clear-cut methods for increasing income, reducing spending, maximizing tax savings, and managing investments when and where needed.
What’s more, you should regularly review and update your asset allocation, investment performance, and savings goals to ensure you’re still on track to hit your target figure. With each new decade of your life (at least), you should adjust your savings strategies to match the specific needs of your new income level and age. The plan should also take into consideration unforeseen contingencies, such as downturns in the economy, health emergencies, layoffs, and inflation.
Failing to plan, as they say, is planning to fail.
In fact, earning big money is often even more possible when in your “growing up” years because most people are a lot more willing (and able) to take risks before they get bogged down with the “realities” of life.
While the old adage of “a penny saved is a penny earned” is applicable when you are talking about slowly growing a nest egg, incremental saving is usually an impractical route to millionaire status.
Many self-made millionaires in their 30s maintain that working smart and working hard can bring you from just making ends meet to a 7-figure income in as little as a decade. Focusing on these steps at any age can set you on the path to riches quickly.
Expand Your Earnings
Think big. Working a typical 9-5 schedule likely won’t make you a millionaire. Find ways to boost your income. Get creative and consider ways to make money on the side, start to create passive income streams, and start a business.
Many self-made millionaires have several streams of earned income, “passive” income and investment income. Multiple income streams can get you on the fast track to 7-figure status.
Invest Your Money
Saving is important, but it won’t launch you into millionaire status by your 40s. Elon Musk, famed tech billionaire, invested all his proceeds from his sale of Zip2 (which was the basis for PayPal). Instead of spending the money or putting it in savings, Musk, then just in his late-20s, invested every penny back into his next business ventures and even had to borrow money to pay his rent.
Musk’s strategy of investing rather than spending is tried and tested. Grant Cardone, another self-made millionaire, recalls he was still driving a Toyota Camry when he made his first million because he was putting everything he made back into his businesses.
As family structures become more varied, we’re learning that when it comes to raising children, the marital status, gender, and even relationship status of the parents matters less and less.
What children need most are parents who are committed to loving and supporting them. Whether or not the parents have a romantic relationship with one another is immaterial to their ability to raise healthy and happy kids, so long as their co-parenting relationship is solid.
One new child-rearing trend that highlights this notion is platonic parenting. Also known as co-parenting, platonic parenting involves two or more people who agree to raise children together without a romantic connection. And we are discovering this nontraditional style of parenting can produce children who are just as well adjusted as those raised in a happily married household.
An alternative arrangement
Platonic parenting was pioneered within the LGBTQ community, where until recently same-gender couples couldn’t legally marry and didn’t have the court system to make up rules for them about post-breakup parenting. Following a romantic split, they were forced to create innovative, outside-the-box parenting arrangements on their own.
More recently, platonic parenting has spread to married couples looking to more effectively raise their children following divorce. By maintaining an amicable and cooperative relationship—sometimes even cohabitating—a couple whose romantic connection has dissolved can not only spare their children the trauma of divorce, but they may also find the arrangement is much healthier for them. Indeed, couples who stay unhappily married for the children’s sake often find the arrangement can be even more harmful to the whole family than a clean divorce.
And now, more and more people are choosing to raise children together using platonic parenting, without ever having a romantic relationship to begin with.