A family meeting to bring the future into focus
Family values are glue that can hold family together. It’s time for your clients to share, document and celebrate those values so that when the time comes, their family can continue living out the legacy they established.
Your clients likely have always tried to do what’s best for their family. The Legacy Portrait is simply a next step.
As a financial professional, you can offer support and guidance from start to finish. Use this Legacy Portrait guide to help clients plan the first of many family meetings. You’ll find helpful tips, samples, and templates to assist them in planning, as well as help document their family’s Legacy Portrait story.
Why the Legacy Portrait?
Communicate
- You can help make sure clients’ wishes and end-of-life choices are understood.
- You can start discussions on topics frequently seen as “taboo” such as wills or estate plans.
- You can help prevent confusion about assumed wealth transfer.
Connect
- You can help the family navigate tough conversations in a safe space.
- You can help unite differing opinions on equity/fairness.
- You can help loved ones emotionally invest in the plan to ensure they’re good stewards of wealth, charitable giving desires, and legacy plans.
Celebrate
- You can help clients leave a legacy that goes beyond money.
- You can help clients strengthen family ties through shared values and vision.
- You can help put clients’ minds at ease knowing their goals have been clearly communicated and understood.
Related Links
Family meeting resource: Network of trust
Family values are glue that can hold family together. Pair this flyer with the Legacy Portrait family meeting guide to help your clients document their family meetings, and keep track of their network of professionals – like their financial professional, accountant, lawyer, etc.
Family meeting resource: Family document locator
Family values are glue that can hold family together. The flyer below can be paired with the Legacy Portrait family meeting guide to help your clients record where their important files are safely stored, and how to get ahold of them quickly.
Family meeting resource: Crafting a family story
Family values are glue that can hold family together. Pair this flyer with the Legacy Portrait family meeting guide to help your clients document what they stand for as a family. Capture their mission statement, family values, long-term vision, and opportunities.
Consumers surprisingly mum on retirement planning
The 2020 Midland National Gen-to-Gen Retirement Study looked into the saving, spending and communication habits of four generations covering everyone from age 18-55+. Explore key learnings such as how consumers across each generation have the same retirement fears, and repeat the same financial and retirement mistakes.
Addressing the stigma of legacy discussions
It is becoming increasingly important for families to have end-of-life and legacy planning discussions to ensure transparency and a smooth transition. In our groundbreaking Gen-to-Gen research study, 39% of our respondents said their parents have never discussed their end-of-life plans with them. We sought to uncover why there’s so much lack of communication around this important topic.
The term financial professional is not intended to imply engagement in an advisory business in which compensation is not related to sales. Financial professionals that are insurance licensed will be paid a commission on the sale of an insurance product.
Insurance products issued by Midland National® Life Insurance Company, West Des Moines, Iowa. Product and features/options may not be available in all states or appropriate for all clients. See product materials for further details, specific features/options, and limitations by product and state.
Fixed index annuities are not a direct investment in the stock market. They are long term insurance products with guarantees backed by the issuing company. They provide the potential for interest to be credited based in part on the performance of specific indices, without the risk of loss of premium due to market downturns or fluctuation. Although fixed index annuities guarantee no loss of premium due to market downturns, deductions from your accumulation value for additional optional benefit riders or strategy fees associated with allocations to enhanced crediting methods could exceed interest credited to the accumulation value, which would result in loss of premium. They may not be appropriate for all clients. Interest credits to a fixed index annuity will not mirror the actual performance of the relevant index.
33667Y | PRT 7-6-21