What is “Family Legacy Planning?”

Last week, we announced that The Blum Firm is launching a new initiative: Family Legacy Planning. That announcement generated a lot of interest, as well as the question: Why?

After 42 years as an estate planning attorney, I have witnessed many heartbreaking situations where an inheritance tore a family apart. Over the last decade, I have been studying successful families and asking:

  • “What are the best practices of successful families that my clients should be doing?
  • “As a lawyer, how can I help my clients implement these best practices?

This research is what led us to add Family Legacy Planning as an offering for our clients.

In a nutshell, just what is Family Legacy Planning? Traditional estate planning addresses the family’s valuables—where, when, and how they pass to future generations. Family Legacy Planning addresses the family’s values. Its mission is to pass down more than wealth, but also a family’s ethos, improving the odds the family will remain meaningfully connected for generations to come. Its aim is to pass down the skills and tools to help heirs face life’s inevitable challenges and not only survive as a family, but thrive.

The COVID pandemic is a natural time of reflection. It has made all of us aware of family issues we’ve been sweeping under the rug. These issues don’t go away. In fact, they tend to erupt when a senior generation member dies. Addressing them is hard, but it’s an act of love. Now is the ideal time to start.

Over the coming weeks, be on the lookout for regular emails as we explore the steps you can take to help your family succeed. The Blum Firm is proud to partner with you on this critically important endeavor.

Marvin E. Blum

Generations of family legacy: Marvin Blum’s mother is seated at far left; in center is his great grandfather “Zaidy.” Marvin is now “Zaidy” to five grandchildren. A legacy passes down a heritage from generation to generation.