Creating A Valuable Legacy
While the dictionary definition of legacy is money or property left in a will, a legacy is so much more complex than that. The legacy is a combination of things.
One aspect of legacy is what is publicly seen and remembered. It may be a combination of positive impact and contribution to community and people. The impact maybe locally focused or even state or nationally known.
The person may set a great example in their sphere of influence and use their skills and abilities to improve people’s lives, community, the ag industry or any other area of interest.
Other legacies are more closely connected to family or the land. It’s safe to say a majority of people want to leave their descendants something at their passing. The first item that comes to mind is soft or hard assets that provide financial gain or stability for their family. A final gift of cash or other assets. However, it’s important to understand that a legacy is so much more than that. It’s the lessons taught, and positive example set. Depending on circumstances, leaving family in a better place than the previous generation experienced may be of importance to a person.
For some, the most important family legacy is to ensure family is not torn apart by greed, jealously, hard feelings and anger. Maybe they experienced that or saw it in another family, and they don’t want it to happen to their loved ones.
While wrestling with the idea of fair vs. equal why not consider the legacy you have to give to those who do not receive equal valued hard assets. Why not compile a treasure of notes or a journal of your life memories, stories of the times and events you shared with the person or family? These priceless treasures may mean the most.
Each person’s legacy will be different because no two people are alike. People will need to work together on some aspects of a legacy if hard assets are owned jointly. However, other aspects such as one’s positive impact on family, people and community may be more personal.
Check out the following resources for more information on fair vs. equal:
Darlene Livingston
has served as the Executive Director of PA Farm Link for 13 years. Leading the organization’s farm succession education and facilitation programs, assisting with farmer and land databases, beginning farmer and farm stress work.
Darlene has been instrumental in bringing farm succession to the forefront in Pennsylvania. Through her leadership two International Farm Transition Network Coordinator trainings have been held in Pennsylvania along with continued education programs for ag professionals.
Born and raised on a diversified farm, Darlene has a lifetime of farm experience working with three generations on the farm.
If you'd like to learn more about PA Farm Link, farm succession facilitation services, need referrals or have questions about succession planning please call 717-705-2121 or email info@pafarmlink.org.
Darlene Livingston
has served as the Executive Director of PA Farm Link for 13 years. Leading the organization’s farm succession education and facilitation programs, assisting with farmer and land databases, beginning farmer and farm stress work.
Darlene has been instrumental in bringing farm succession to the forefront in Pennsylvania. Through her leadership two International Farm Transition Network Coordinator trainings have been held in Pennsylvania along with continued education programs for ag professionals.
Born and raised on a diversified farm, Darlene has a lifetime of farm experience working with three generations on the farm.
If you'd like to learn more about PA Farm Link, farm succession facilitation services, need referrals or have questions about succession planning please call 717-705-2121 or email info@pafarmlink.org.