Leaving a Legacy of Health and Wealth | Estate Planning Resources

A legacy is “something transmitted by or received from an ancestor or predecessor or from the past.” While it usually represents a monetary value, a legacy is much more than that. Material possessions are just one of the things you can pass down. A legacy represents who you are and the people you have impacted in your life. In other words, how can you assist your clients in creating a lasting legacy for their family?

Two Types of Legacies

There are two legacies – health and wealth related. The easier of the two that can be discussed is the wealth legacy. This is monetary value one leaves to loved ones or to charities. While this is the most common type of legacy, health legacies are also following their lead.

Health legacies are the importance you place on health. It is a healthy habit that you teach your loved ones in order to improve their health. For example, Sarah does not control her high blood pressure. She continues to consume fast food produces,refuses to exercise, and teaches these habits to her children. When she passes, these children are most likely to continue the same habits.

If Sarah understands how to take control of her high blood pressure and continues to eat healthy and exercise, her children are most likely to be taught the same. This results in a health legacy – and a wealth legacy. A health and wealth legacy are more intertwined that your clients imagine.

Plan to Leave Two Legacies

If your clients begin to understand the importance that health management has on their legacy, you can begin to relate this to a wealth legacy. In other words, a health legacy can also allow an increase in their wealth. By maintaining a healthy lifestyle, your clients will experience a decrease in the cost of health care.

The same rule applies to their heirs. By leaving their heirs with healthy habits, their heirs will maintain a healthier life, which decreases the cost associated with various health conditions. Even in cases where heirs have chronic conditions such as high blood pressure or high cholesterol, a healthy lifestyle can control them. Your clients will leave more than just a monetary legacy – they will leave a lasting impact in the lives of their loved ones.

Genivity is here to help. We place emphasis on helping advisors with goal-based financial planning that incorporates health and behavioral factors to provide personalized reporting. Genivity can assist you in determining how your health decisions impact your life. Using Genvity, you can determine what type of health legacies you want to leave behind. If you wish for your family to understand how crucial your health is, ask your financial advisor for an assessment with Genivity’s HALO.