; Leaving A Legacy in Agriculture: More than Money and Real Estate | Conferences | AgRisk Library


Conference Name Leaving A Legacy in Agriculture: More than Money and Real Estate

Jeffrey E. Tranel


A study on people’s beliefs and attitudes about “legacy” completed by Allianz Life Insurance Company of North America, in conjunction with Dr. Ken Dychtwald (President of AgeWave) found significant gaps in what baby boomers and their parents expect from and define as inheritance. Non-financial items that parents leave behind – like ethics, morals, faith and religious beliefs – are 10 times more important to both boomers and their parents than the financial aspects of inheritance.

A legacy is the summation of a lifetime of achievement and the context in which that lifetime will be remembered. It is not just money but a reputation, what was accomplished, and the difference a person makes in the world – his/her mark on the universe. It is a road map for the future embracing the meaning of life.

Planning a legacy should include all four components of a true legacy: values and life lessons, personal possessions of emotional value, fulfilling final wishes and instructions, and financial assets and real estate. If the discussions between generations do not cover all four components, the legacy transfer is not complete.

The online and CD-based course A Lasting Legacy is designed to create an easy-to-use process to help families pass on a true legacy to succeeding generations. A Lasting Legacy captures all facets of an individual’s life. It also provides guidelines for effective intra-family communications. The course, supporting materials, and resource guide help families decide what they want before they consult their attorneys and other professionals to develop an estate plan.