Why We Gave Away Our Inheritance Money When we tell people that we gave away our inheritance money, they often look at us like we are crazy. This happens despite the fact that we don’t even disclose the amount of money we declined. Yet the idea that one would turn away a large lump sum […]
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Why We Gave Away Our Inheritance Money
When we tell people that we gave away our inheritance money, they often look at us like we are crazy. This happens despite the fact that we don’t even disclose the amount of money we declined. Yet the idea that one would turn away a large lump sum of cash is inconceivable to lots of people.
But sure enough, we did just that – and we couldn’t have been happier or prouder to do so. We ultimately ended up signing our inheritance check over to Talaat’s mother, after his father passed away. We wanted her to have that money to use as she wanted and needed.
When people ask us why we did it, it opens up a great conversation legacy. Particularly, leaving a legacy behind when we’re gone, for those important people in our lives.
For the two of us, it’s our children – but for many others, it could be your spouse or even your parents. Who depends on you in life? When is the last time you took some time to really plan for the legacy you will leave behind?
Leaving a legacy for your family and loved ones is a crucial part of planning for today and your future. When the McNeely patriarch passed away several years ago, it was very hard for our family. We were very close to our father and it was a very tough season of our lives. We were grieving but we wanted to be strong and stand by our mother during the planning of his funeral.
We walked her through each step of planning the funeral and it opened our eyes to how expensive it is. We wanted everything to work out as easily as possible so we could spend time reflecting on our memories. Moreover, we also needed the financial burden to be as light as possible.
Low and behold – there was no need to worry. My father had taken care of every last step to ensure we would have no struggles after his passing. He had taken out a life insurance policy prior to his passing. His insurance covered not only the expenses of his service and burial but left plenty of money leftover.
This was his legacy. My father came from a family of hard-working men. My grandfather was an entrepreneur and my father worked for the government for many years. They taught me the value of hard work and money.
Similarly, Tai also comes from a family of hard-workers and together, we made it our mission to take what we learned from our parents and grandparents and create a legacy for our children. Our desire is that they too will know the peace that comes from financial freedom.
Don’t Be A Burden
A 2013 study conducted by LIRMA showed that 80% of African Americans hold a life-insurance policy; however, the average household in this study only held a $10,000 policy. Oftentimes, this is because that’s the standard life-insurance policy provided by an employer, and too often, families think that is enough money. Unfortunately, that couldn’t be further from the truth – $10,000 might cover all burial expenses if you’re lucky, but where does that leave your family? How does that help your children succeed in life? There are many other factors to consider when purchasing life insurance that can ensure you leave a legacy behind and set your loved ones up for success after you are gone.
Everybody should be legacy-minded, and you should begin thinking about your legacy today. How wonderful is it for you to know that one day when you are gone, you are still able to provide for your family. And if you teach them the values of money today, perhaps one day they too can redirect their inheritance where their heart leads it to go, as well.
A company that you can check out for more information regarding life insurance and the importance of legacy is MassMutual. It’s time to be informed and take initiative for your family. Have the tough conversations with those that you love to finally get things in order.
Disclaimer and Disclosure – This is a sponsored blog post from MassMutual. Talaat and Tai McNeely are not licensed insurance agents, nor insurance coverage experts. MassMutual is full of information and resources to help you learn more about life insurance. However, all views expressed and opinions are our own. The study that is referenced in the blog post is from [Atlanta Black Star, LIRMA, 2013]. CRN202002-226688