As parents, we work to provide for our families and to financially benefit our families. However, a sobering statistic demonstrates that when one generation creates new wealth for the family, 70 percent of that wealth is gone by the second generation, and 90 percent is gone by the third generation. Garrett and Woodroof share their thoughts on how families can effectively pass the torch of leadership from one generation to the next, not specifically as a means to gain astronomical wealth, but to pass along values and the understanding of the family story. That is the complete legacy we leave behind.
Right from the first chapter, this book surprised me. I halfway expected a rather dry account of estate planning. However, this book is less a guide to accumulating wealth than it is a guidebook to get family leaders thinking and planning for what they will leave behind that is more important than the mere dollar. The writing is not at all dry, but engaging and thought-provoking.
We all want our children to be unified after we are gone. Too often, especially in cases where the parents leave behind large amounts of assets, sibling squabble over who gets what. As Garrett and Woodroof share, leaving a legacy means leaving behind security in where our family came from and what made us into who we are. It is about being thankful for the blessings that we experience in our lives and making sure our dependents have a firm grasp on that, even to our great-great-great grandchildren and beyond.
What I liked best about this book is that Garrett and Woodroof share the facts behind the importance of leaving a legacy and then give readers a specific plan for passing it on. They walk readers through the steps of writing out a legacy plan and provide numerous questions and worksheets to assist readers. Then they help readers plan for an annual family retreat where the legacy is intentionally discussed and passed along. Very easy to follow for those who do not know quite how to begin.
This book is great for readers of any age as they start to think about what they will leave behind, regardless of their financial situation. If you find yourself wondering how to effectively communicate your legacy to your heirs, give this book a try.
I received a complimentary copy of this book from ACU Press/Leafwood Publishers in exchange for my honest review. All opinions are my own.