Step 10: Live the Dream / Leave a Legacy
Leave an impression on the next generation.
Outright gifts
Gifting has the potential to make a greater impact when given while you are alive. Not only is there a certain amount allowed by law that is excluded from the lifetime giving amount, but the gifts grow while you are alive and well after death in the hands of the diligent.
Lifetime exemption
If you build wealth above the lifetime exemption amount, make sure you properly plan by talking with professionals in the field of estate planning.
Foundations
Having the security of knowing that your gifting will continue after you’ve left this world would be a wonderful legacy to leave. By creating a family foundation, you can set the tone of giving. The legacy of giving will pass the ability of generosity to your children’s children. Family foundations are a great way to leave a legacy of your giving by having a perpetual giving mission.