Beyond Wealth: How to Make Your Money and Legacy Count

Legacy Blueprint: Plan It Forward

In this episode of Legacy Blueprint: Plan It Forward, host Mike Bascom interviews financial expert Patrick Wren regarding the transition from

Key takeaways

• True wealth is multidermensional, focusing on impact and personal values rather than just monetary accumulation.
• Life insurance can be used as a strategic tool to replace assets given away in gifts, preserving the family inheritance.

Main topics

• Legacy Planning
• Charitable Giving Strategies

Notable quotes

We want to pass along your values along with your valuables.

Conclusion

The episode serves as a guide for high-net-worth individuals to align

Transcript preview

Speaker 3 (0:00) Two immediate issues come to mind. One is if you've made a gift, as I spoke about earlier, where you will get in return for that gift, you will get an income. You've given money away. One thing you can do is replace that, what you've given away, with life insurance. It's a very easy solution to that. And then the family benefits. The family situation has not been diminished in terms of inheritance if you do that. And then the other one that you mentioned, of course, is... gifting of insurance, life insurance, to a charity. Many times people reach a certain age, they no longer have the need that they had many decades ago, for example, to fund income for the family. Perhaps they have enough wealth now that that's not needed. The gift of the life insurance to a charity, rather than just surrendering it for a diminished value, is a great benefit. Speaker 1 (0:51) Welcome to Legacy Blueprint, Planet Forward, the podcast where top thought leaders in law, finance, and wealth planning come together to guide your future. Hosted by Distinguished Estate Planning Attorney, Mike Bascom, each episode highlights industry experts who bring clarity, innovation, and proven strategies to the table. Because building a legacy isn't a solo act, it's the result of a team of professionals working in harmony. Join us weekly as we showcase the leaders shaping tomorrow and give you the tools to plan with confidence today. Speaker 2 (1:30) Joining me today is Patrick Wren, founder and president of the Wren Wealth Management Group, a seasoned financial professional with more than 50 years of experience helping individuals and families make the most of their wealth and create meaningful legacies. Pat is also the best-selling author of Finding Your Money's Greater Purpose, How to Make Your Legacy Count. And today we'll explore how thoughtful financial estate and charitable planning can help ensure your wealth makes a lasting impact. Pat, welcome to the show. Speaker 3 (2:05) Well, thanks a lot, Mike. I'm very glad to be here. Speaker 2 (2:08) I know you've spent more than 50 years helping individuals and families navigate financial planning. What have those decades taught you about what people really want their wealth to accomplish beyond simply accumulating more of it? Speaker 3 (2:20) Yeah, so in my experience, people eventually get to a point where they realize that true success and wealth is really multidimensional. It's not just about the money. It's about impact. It's about their values. And discovering what that is, going through a process of discernment to realize what that is, I think is something that is very valuable for people. And many times they don't know how to do that. And so we like to be the guide. We like to sit next to them and go through that journey. And frankly, Mike, it's a very satisfying way to do what we do. Speaker 2 (3:06) Your book's titled Finding Your Money's Greater Purpose, How to Make Your Legacy Count. What does it mean for someone to discover the, quote, greater purpose of their money? And how can that change the way they approach financial and estate planning? Speaker 3 (3:19) Yeah, I think, so Dolly Parton died this week, and she was successful in many, many ways. And one way was in philanthropy. You may know, and it's been written about the impact she had in that area. So for me, people that eventually find that, you know, when I think about Dolly, I think about enjoyment. It seems she enjoyed everything she did. performing, talking to people, carrying on, making fun of herself. And she certainly enjoyed the philanthropy part of her life. And I find that is really what happens is that there is more enjoyment as a result of that activity for people. And they didn't realize it before. And if you can show them how to do that, it brings more enjoyment to their life. not just to them, but to their family and to the causes and the organizations that they're involved with. Speaker 2 (4:21) When you work with high net worth families and business owners, how do you help them move from thinking about wealth in terms of dollars and assets to thinking about the legacy they want to leave behind? Speaker 3 (4:32) Yeah, so I have the expression that we want to pass along your values along with your valuables. So we go through a process where we help people identify what that is. You know, most people want to make sure they have enough, that it's going to remain enough. And then the next question is, well, eventually who gets it and to what degree? And what happens is that you can make that value statement when you think about who does eventually get it. and how should they get it and to what degree should they get it. So you start with the end in mind and work backwards. That values conversation gets a little bit easier. Speaker 2 (5:19) I love that. Territory giving is an important part of your work. What are some of the strategies families can use to support the causes they care about while also incorporating philanthropic into their broader financial and estate planning goals? Speaker 3 (5:34) Absolutely. So this is a lot. is involved here that people don't know about. Once they are exposed to it, they're very receptive. It helps them be a more effective donor