Wealth can represent such hard assets as stocks, bonds, cash, real estate, businesses, art, cultural treasures, jewellery, inheritances and trusts. We are privileged to live in a country that equally values such assets as integrity, a moral compass, education, diligence, trust, leadership, innovation, opportunity, freedom of movement, thought & spirituality, integration, immigration, stewardship, kindness and the rule of law.
Consequently many assets of the former category were created because their owners/originators embraced the assets of the latter category, which are open to both the most recent newcomer and most entrenched members of our Society and provide abundant opportunities for wealth creation.
Of course, commitment, industry, health, luck, example, encouragement, timing, obligations and determination all play significant roles in separating those who can create & steward both sets of legacy assets for future generations from those who cannot.
The motivation for wealth transfer is unique to the personal circumstances of every person and is a reason why the field is so interesting. Whether the wealth is inherited or recently created – it’s inter-generational transfer might be to honour a loved one, repay a long ago kindness, continue to build an idea of commerce or philanthropy, support a community, acknowledge a service or allow that next generation absence from some of the more grievous sacrifices behind its creation.
Of course there are tax, familial & publicity encouragements/dividends for such transfers, but for most people the motivation is to leave their mark on the world and to create positive change, which is the true definition of legacy giving.
