I was introduced to this feature by the Lady Kay. It is a wonderful depiction of how life is short, and how our choices during that time ultimately develop into the fabric of our lasting legacies. How are you crafting the fabric of your legacy?
Introducing, If Only Genre: Fantasy / Comedy / Drama / Romance Release: 2004 July Length: 1H., 33 min.
Recently, I have read accounts that state we are the "Hyper-Connected Generation" and it seems that many are implying that this hyper-connectivity is a bad or negative thing in some way. Employers are weary about how their employees are using their time at work and block many of the most popular social networking sites, sites like facebook.com. Yet some savy super 'NET'workers are reaping huge rewards by utilizing these platforms to develop new business.
I myself have spent many hours visiting the webs numerous networking sites and have set up numerous profiles on some of the more popular platforms. I believe I maintain, participate or have a presence on over 55 sites/networks. You can see a comprehensive list HERE.
Many of these sites are great productivity tools for family communication and/or genealogical research and archiving. I keep up with many of my cousins on facebook. Some of you surely have seen the Ancestry.com television commercials or participate on the site. Another great genealogy based site is MyHeritage.com
With so much time invested into understanding the Web 2.0 connected environment, I often ponder how this awesome global network can have positive generative effects on Legacy Development as a field, and on all the connected peoples around the world interested in developing and fostering their own profound legacies.
I do not have many answers yet, but I am meeting many tremendously brilliant and innovative people from around the globe as a result of the 'new connected web' and have launched my own connectivity experiment that I have dubbed, the DK Web 2.0 Linked-Project.
The experiment is organic in conceptual design, so I intend and look forward to its expansion and evolution. I also hope to be given, (and therefore solicit), some powerful ideas from around the globe about how we all can thrive and develop better collective lives as a result of easier communication across the oceans.
"Since my earliest recollections as a three year old, my father has been collecting clippings and factoids in cataloged three-ring binders."
- Don West, Jr.
Tips from Don, Sr. Tip No. 1 - "The Rule of 72"
Since this is the first post that I have mentioned my father, Donald Louis West, I., I thought it appropriate to give just a brief background of my role model number numero uno, HERE.
My Dad is what you would call a "walking talking wikipedia", for my readers that are not online, wikipedia is the Web 2.0 online encyclopedia that has replaced the traditional printed volumes due to its limitless capacity to catalog our fascinating and globally connected world. (You can read my post on Why I love Wikipedia HERE). So, back to my Dad... Dad always seeks to have one jewel or gem of extremely useful knowledge to share with you whenever you enter his presence. I say it that way because for the past 17 years I have lived away from home, so when I return for a visit my Dad has prepared a ritual that dates back to my days on active duty in the US Navy back in the early nineties.
My Dad's ritual is quite simple, it begins with an invitation to sit down for a movie - always a hand picked title, kinda like the best of since you were last here, or the most relevant. Then typically in a different conversation there is the page from one of the binders. Since I was a young child my father has collected tens of thousands of newspaper and magazine clippings, of various sizes and shapes and catalogs them scrapbook style, (see picture above). Now it are the pages from the binders that I have come to love. Why, you ask. Simply because it always starts with, are you familiar with...x,y,z. An no matter how hard you prepared during your journey, no matter how much you've read, you know the next words and the clippings on those pages are going to be way beyond the scope of your current radar capacity. (I have already set Dad's blog up for him HERE, but we will have to wait to see if he will ever join and begin to digitize his binder knowledge.)
The "Rule of 72" was one of the early pearls of wisdom shared by my Dad. So now, I share it with you....
The "Rule of 72"
[72 ÷ Interest Rate = Est. Time to Double $]
Most are familiar with the concept of compound interest. So the "Rule of 72" is a simple way to roughly estimate how long it will take to double your money at a given interest rate. For example, let's say you have an opportunity to earn 8% interest on your money. To use the rule of seventy-two to determine how long it would take to double your money at 8% interest you would dived the number 72 by 8:
[72 ÷ 8 = 9 Years ]
If you are really into the math, check out the Rule's Wikipedia page HERE
You can also apply the Rule of 114 to estimate tripling your money, and the Rule of 144 for quadruapling.
Since the first post, (see it here), I made last year about my maternal great-great-great grandfather Abram Lee, I have uncovered an actual photograph from my mother's photo collection. So here he is ladies and gentleman, Father Abram Lee.
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Erik Erikson, the noted psychotherapist most famous for coining the phrase "Identity Crisis" also gave us the term "Generativity" as part of his 8-Stages of Human Development.
Generativity is the ability to generate anything tangible that will exist beyond one’s earthly life; particularly when exhibiting a need to nurture and guide younger people and contribute to the next generation.
There are four primary categories of Generativity, they are:
1) Biological - the act of making a child;
2) Parental - the act of raising a child;
3) Technical - the creation of tangible works that will maintain an existence beyond your life, (i.e., paintings, writings, or a business organization); and,
4) Societal - the ability to create societal change and/or reform, (i.e., Ghandi, Martin Luther King, Jr., et. al.).
With this brief introduction to the concept of Generativity, how does your current set of plans (Legacy or Estate) measure up on the generative scale?
Other Resources: For great tips and to associate with others interested in Personal Legacy Statements join DonWestJr-theCommunity a free online tool Empowering Legacy Development & Strategic Action-Based Life Planning.
See the complete interview at www.DonWestJr.net - An online community dedicated to Empowering Legacy Development and Strategic Action-Based Life Planning
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Mutual agreement as to an attorney-client relationship does invoke confidentiality & privilege, among other ethical obligations.
Legacy & Estate Planning Terms
What is Estate Planning?Estate Planning is the process of ensuring that the assets you've accumulated during your lifetime go to the people or institutions you wish, in the most efficient, tax-favored, and equitable way possible.
What is Legacy Planning?Legacy Planning is a compliment to the estate planning process and focuses on the intangible assets a person or family posses. A critical element in the generation of a legacy is the ability to maintain a tangible presence beyond the actual span of one's lifetime. While physical assets may be deemed a component of a person's ultimate legacy, the focus on family or institutional history, values and the stories that define us dictates that every individual, family and entity can be enriched through implementing a strategic legacy plan.
What does the designation CLTP stand for?C.L.T.P. is a designation of Chartered Legacy & Trusts Planner.
What does the designation CTEP stand for?C.T.E.P. is a designation of Chartered Trust & Estate Planner.
For most people, legacy & estate planning is a relatively simple process in which you work with a lawyer to produce a number of documents:
Will: A will is a legal document in which you set out the rights and responsibilities of others for your property and minor children and/or disabled dependents in the event of your death.
Planning Directives: A will covers only a certain set your assets. Planning directives are documents that support a will by covering financial and legal issues that wills do not, and that provide directions about what should happen to your estate if a catastrophic accident or illness renders you incapable of expressing your wishes.
Assignment of Guardians: If you have children who are minors (under 18), you should assign guardians to take care of them should you be unable to do so.
Life Insurance and Long-Term Care: If you have families or dependents-and even if you don't-you should plan ahead in case of disability, incapacity, long-term care needs, or sudden death.
Trusts: If your estate is considerable, you should speak with a lawyer about whether you should establish a trust to shield and protect some of your assets. Also, if you are interested in avoiding a court administered Probate proceeding a trust may be an option for how you transfer your assets.
Gifts: Legacy & Estate Planning can help you decide if you'd like to make gifts of your assets to charities, churches or institutions.
Business Succession Planning: Legacy & Estate Planning can extend into the business arena by ensuring that any business you own changes hands smoothly after you pass away.
Personal Legacy Statement: A Personal Legacy Statement allows you to articulate what is closest to your heart. It creates a record of the messages and information too valuable to be lost and captures your reflections for the benefit of others as a timeless gift to future generations.
Institutional Legacy Statement: An Institutional Legacy Statement allows founders or key contributors to record the history of the organization providing documentation of the founders intentions and designs for the entity or enterprise as it continues forward.
Legacy. The word itself carries connotations of solemnity and weighty resolutions. But across the nation the subtext of legacy planning is changing; new approaches bring together financial professionals, tax consultants, attorneys and family members in an effort to shape the direction of communities – and the world – for years to come.
You can ensure that your wealth continues to do good work long into the future by establishing financial structures that create a legacy of financial unity and success. To do that, you’ll need to come up with a legacy plan.
Family Mission Statement: When we consider the term mission statement, most of us think of such statements created for business enterprises. For a small company, this mission statement is a written explanation of the values and beliefs that have led the business to its current success; it’s a plan for organizing the financial and human assets of the business to ensure its future success. The family mission statement works in much the same way. It is a statement of family identity: who you are, what you believe in and what you will do in the future.
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All proceeds from my photography goes to support philanthropic causes and endeavors. Our current organization of support is the National Multiple Sclerosis Society. We are preparing to stage an exhibit featuring a select number of these shots.
Background: I worked at the Burger King located at 10000 South Memorial Parkway, in Huntsville, Alabama,for all fours years of high school. When I graduated, the owners, WesFam Corp., gave me, along with all the other graduating seniors, a 35mm camera as a graduation present. Since 1992, when I first received that camera I have had a passion for photography. Now I virtually exhibit some of my favorite shots from the last 17 years in a "Photo of the Day" Collection here at Legacy-Lawyer.com.
'THE HYPER-CONNECTED WEB 2.0 GENERATION'
"Since my earliest recollections as a three year old, my father has been collecting clippings and factoids in cataloged three-ring binders."
