Some families construct a legacy of memories and real estate, say by buying a vacation property that is held in a trust or other structure so it is equally owned by all heirs. “That keeps it intact for at least another generation and ensures that it is not automatically sold as part of the estate,” Kulhavi says.Meanwhile, boomers can take comfort in this truism held by financial counselors, Guerin says: It’s stories and family values children truly want from their parents. That’s what boomers report they want from their aging parents, and it’s likely that Generation X and millennials will want the same, Guerin says. Conversations about heirlooms that might have some market value but even greater sentimental meaning – such as a gold wedding band – are perfect openings for conversations about “values that characterize the family,” Guerin says.“How would you like people to remember you 100 years from now? Usually that comes down to things other than money,” he points out. “Who are we as a family, and what do we stand for? How did we build what we built, and what are our priorities in life? The process of talking about those things can bring a family together and create better relationships among generations.”
Source: How Boomers Are Redefining ‘Legacy’ | Mutual Funds | US News
