Legacy building is about more than passing down wealth and assets—it’s about imparting values, traditions, and principles that reflect what truly matters to your family. A well-crafted legacy plan helps to ensure that your wealth continues to provide for future generations in ways that align with your faith, other beliefs, and family priorities.
2 Timothy 4:7-8 illustrates the power of perseverance, faith, and purposefully living to leave a lasting legacy. It reminds us that a well-lived life rooted in steadfast commitment to our values and faith creates an impact far beyond the material pursuit in our lifetimes.
“I have fought the good fight, I have finished the race, I have kept the faith. Now there is in store for me the crown of righteousness, which the Lord, the righteous Judge, will award to me on that day—and not only to me, but also to all who have longed for His appearing.”
Working with a faith-based San Antonio financial advisor can help you create a legacy plan that balances financial aspects and values as you consider how and where you want your wealth transferred after you and your spouse pass.
What Legacy Means Beyond Finances
Leaving a legacy isn’t solely about monetary wealth; it’s also about preserving the values, faith, beliefs, and traditions you have established for your immediate family and future generations.
As Proverbs [13:22] states, “A good person leaves an inheritance for their children’s children.” This verse reminds us that a meaningful inheritance goes far beyond money and includes wisdom, character, and principles.
Families often overlook the importance of intentionally passing down non-financial assets like family stories, moral teachings, and charitable giving. Incorporating these elements into your legacy creates a lasting impact beyond what appears on the family balance sheet.
As a team of CFPs® in San Antonio, we can assist with creating a legacy plan that documents your wishes and emphasizes the tangible and intangible distribution of your wealth. This could include creating a family mission statement, identifying shared values, and developing a philanthropic vision that embodies your faith and purpose.
Listen to our new podcast: Three Paths to Faith-Based Investing
Estate Planning Basics
Estate planning is the foundation of any successful legacy. At its core, this involves wills, trusts, and strategies for transferring wealth in a tax-efficient manner. A well-structured estate plan also allows your assets to be distributed according to your wishes while protecting your family from unnecessary taxes or time-consuming and expensive legal complications.
For example, trusts often shield assets from estate taxes or provide ongoing support to future generations. You can guide how your wealth is used by including provisions in the trusts that incentivize education, entrepreneurship, and charitable giving.
Estate planning also includes a focus on asset protection. Consider working with a San Antonio financial advisor who can work alongside your estate planning attorney to implement tools like irrevocable trusts or limited liability entities to safeguard your wealth against outside risks.
By integrating tax-efficient strategies, you can also maximize the financial impact of your estate while minimizing your heirs’ liabilities.
Protecting Wealth for Future Generations
One of the greatest risks to your legacy is the lack of a clear plan to protect and grow wealth for future generations. Without well-thought-out strategies, inherited assets can quickly diminish due to unnecessary taxes, poor management, family discord, and market volatility.
Think of it this way: Not having an estate plan in place is like setting sail on the open sea without a map or compass; you might have a destination in mind, but without guidance, your loved ones could be left adrift trying to manage your financial affairs after you and your spouse are gone.
Proverbs [21:20] offers wisdom, which highlights the importance of stewardship and discipline when managing your wealth:
“The wise store up choice food and olive oil, but fools gulp theirs down.”
Working with a financial advisor in San Antonio specializing in wealth transfer planning can greatly assist you and your family. Key estate and legacy strategies could include:
- Diversifying investments to minimize financial risk
- Establishing governance structures for family businesses or shared assets
- Educating your heirs about financial literacy and responsible decision-making
- Incorporating BRI investing in San Antonio can align your portfolio with faith-based values, ensuring your investments reflect your principles.
Watch our latest podcast: “Purposeful Planning: Using Reflection to Shape Your Future.”
Incorporating Family in the Process
A successful legacy involves clear communication and family involvement. Misunderstandings or disagreements over wealth distribution can create divisions, undermining the very purpose of your legacy. To avoid these pitfalls, include your family in planning, resolve controversies, and set expectations early.
Begin by sharing your vision and intentions with your heirs. Explain why certain decisions were made and how they align with your values—for instance, allocating funds for charitable giving or including stipulations in your trust that encourage responsible financial behaviors that benefit future generations.
In Ephesians 6:4, we are reminded to “bring them up in the training and instruction of the Lord.” This applies not only to faith but also to fostering responsible attitudes toward wealth. Encouraging younger generations to see wealth as a tool for stewardship can ensure they manage their inheritance based on family values.
Faith and Legacy
If you and your family live a faith-based life, your legacy planning can go far beyond simply passing down assets, so you leave a financial footprint. Teaching younger generations about stewardship, generosity, and aligning wealth with faith creates a legacy of purpose and service that can last for generations.
One way to accomplish this is through charitable giving. Consider establishing a donor-advised fund (DAF) or creating a charitable remainder trust (CRT) to support causes that reflect your beliefs. Whether funding mission work, supporting local ministries, or providing scholarships to faith-based schools, these gifts can have a lasting impact on your community and family.
2 Corinthians 9:7 reminds us that your legacy can inspire your family to continue to support faith-based initiatives for generations to come.
“Each of you should give what you have decided in your heart to give, not reluctantly or under compulsion, for God loves a cheerful giver.”
Final Thoughts
From wealth transfer planning in San Antonio to BRI investing, there are many ways to ensure your legacy reflects your success and purpose.
Connect with the team at PAX Financial Group today to learn more about our financial, retirement, and legacy planning services.
