The Kennedy’s might not be the wealthiest family in the United States, but their lasting fortune settles today at around $1 billion dollars. We know the family has managed throughout the decades, to keep their members in prominent business and political positions (and their names in the headlines), but how have they managed to keep their money intact?
It’s no secret that Joseph Kennedy, Sr. made the family’s initial fortune from insider trading during the early 1930s, but the clincher to the secure family wealth came by Kennedy’s smart decision to keep the money protected through trusts. Those trusts help to manage and grow the family’s assets – even circumvent hefty taxes. (The Kennedy Fortune / Forbes.com)
Creating Your Own Amazing Family Legacy
Joe Sr. might have had an advantage from his “insider” windfall, but for you and I to successfully plan-out money today, for our heirs tomorrow, will not take millions. That’s where life insurance comes into play.
Owning a whole life policy can be the catalyst to creating your family’s trust. A policy comes with inherent benefits that keep the value of your money stable. Instead of dumping your cash into an account that can suffer from inflation, fees or taxes, your money inside a whole life policy still grows to make you become wealthy. In short:
- Your money is sheltered inside your policy, leaving you with tax benefits.
- Your money earns steady interest with dividends.
- Your policy has a cash value that allows liquidity.
When you properly utilize a policy, you reap excellent wealth benefits because you’re really just making your money work for you. The financial features of a whole life policy allows you to exercise your money like the rich do – by creating trusts and leaving a lasting family legacy.
Watch – Successful Family Banking
Read – Infinite Wealth: A different Kind of Retirement
Listen – The Wealth Standard Radio: Human Life vs. Capital Value
FAQ
Q: What are some key strategies for creating a family legacy like the Kennedys?
A: Strategies include investing in education, establishing trusts and financial structures, preserving family values, and maintaining open communication among family members.
Q: How can education play a role in building a family legacy?
A: Education is vital for preparing the next generation to manage and grow family wealth responsibly. It helps instill financial literacy and a sense of responsibility.
Q: What is the importance of preserving family values in creating a legacy?
A: Preserving family values ensures that wealth is used in a way that aligns with the family’s principles and priorities, helping maintain the family’s identity and legacy.
