The concept of leaving a legacy has evolved over the years to give the impression that it only applies to people with great wealth or influence. I don’t believe that’s the case at all. Artists create their legacy with every inspiration, but let’s be honest: Art is easier to create when there is some cash to fund it. As a financial type, I can’t speak to the impact of your art, but I do want to talk about the impact of your financial choices when you are gone, generally called estate planning.
Estate planning is the process of creating instructions and specifications for how your stuff gets to the people and places you want it to when you die. Legacy adds context—why you want it to go there. For example, you could leave money to your nephew to use as he wants or you can leave it to him with the restriction of only using it in support of his music since he seems to be a prodigy. We all contribute to the world, the people we love, and the causes we support. While we are alive we can contribute in many ways; time, knowledge, money and so on. But what happens when we aren’t around anymore? How do we make the impact last and even multiply?
I know insurance tends to be a dirty word but let’s
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