How to Build a Legacy: The Intersection of Wealth and Values

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When you’ve made or inherited meaningful wealth, you have more freedom to pursue your passions, from travel to the arts, to philanthropy and beyond. And your opportunities aren’t limited to what you can do today. Your wealth can help you build an entire life, and a future, that reflects your deeply held values. Whether you’re passionate about the arts, education, the environment, health issues or anything in between, you can leave a legacy you’re proud of by weaving your values into your wealth planning approach.

Think about your core values

What’s most important to you? What changes do you want to see in the world? If you want your values to drive your larger wealth strategy, it’s important to understand those values deeply. A value goes beyond an opinion. They are lasting, persistent beliefs that shape our decisions, actions, and who we ultimately want to be.
To help identify what matters most to you, ask yourself:

• What life accomplishments bring me the most joy?
• When do I feel most at peace with myself? What am I doing?
• What’s one experience that has really challenged my beliefs or forced me to take a new perspective?

As you answer these questions, you may find your values start to bubble to the surface. Certain activities reveal specific values. For instance, if you love to play the saxophone, you may value creativity, music, discipline, or commitment. Then, you can channel those values in different ways such as in supporting music education charities, public music initiatives or orchestras.

Do your research

Once you’ve identified the values that matter most, a little more digging can help you maximize your impact. The specific needs within a certain cause or community may surprise you. You may also be surprised at just how much you have to offer.
Try using the below philanthropic framework to help you find the right non-profit, given the impact you want to make:

• Big: Sometimes you can make the most significant difference by focusing on the most widespread problems. For example, maybe you value literacy. Around 80% of kids who live in economically disadvantaged areas lose reading skills over the summer because they don’t have access to books or other learning resources. You may make a meaningful difference by funding programs through libraries or schools that give kids summer reading materials.
• Ignored: Find issues or regions other donors may have overlooked. Organizations operating within these niches may not receive as much support, so your donations could add a lot of value.
• Workable: “Workable” means there are existing pathways or roadmaps for addressing a given problem as opposed to issues that are brand new and require a novel approach. You may determine whether a cause is workable by speaking with people who work closely with it or listening to those who have been directly impacted. People close to the situation can offer insights into whether certain solutions are currently working, which allows for faster impact by leveraging what already works.

While the “big, ignored, workable” framework can help you define your approach, effective wealth planning can also help you weave philanthropy into your overall wealth strategy. This is a great way to make an ongoing difference.

Think local

Look around where you live. While the “big, ignored, workable” framework can help you find effective non-profits, you might also look at some of the work already happening in your local area. Small, community-based efforts often operate with limited resources, so your help here could make a huge impact compared to getting ‘lost’ in a larger effort. Plus, your personal stake in your community may make your contributions feel even more meaningful. After all, who doesn’t want to leave a mark on the place that’s closest to home?

Give resources

The best way for you to support the causes you choose depends on a combination of factors, including your budget, passion and availability, as well as the organization’s needs. If you want to make an impact with your money but don’t have time to get involved, make automatic recurring gifts. These could make a significant dent in an organization’s operational costs.

Another option for giving is helping to fund a specific project. Unlike umbrella donations, which usually cover a wide range of costs, supporting a specific project has a defined goal and a fixed timeline. For example, a charity that provides homelessness services may launch a campaign to raise money for a transitional housing project for older adults. The project would likely have a set budget, and you may choose to help get the project over the finish line or meet fundraising milestones along the way. Non-profits also offer incentives for donations, like placing your name in a prominent spot on the finished project.

A financial advisor can help you find the right approach that fits your budget and long-term goals, as well as understand potential tax benefits.

Invest your time

Money is just one way to make an impact. Also consider giving your time, which may be even more meaningful, both for you and the organization. Try volunteering for a charity or non-profit that catches your eye. It can give you a new appreciation for the work your money supports and help you feel more connected to your guiding principles.

The term “volunteering” may evoke images of packing grocery bags, planting trees, or distributing meals. While each of those tasks is vital, your specialized skills might also come in handy at a non-profit. For example, if you have expertise in marketing or budgeting, many organizations need these skills, and they could make a big impact.

Also, if you have the necessary background and insights into the field and commit the time, you might even consider joining a non-profit board.

Build a better world

There’s no shortage of opportunities to make the world a better place. Many philanthropies and financial planning services can help you use your wealth to lift the causes closest to your heart. The best way to start is to take time to reflect on your values.

Sources:

charitynavigator[dot]org/donor-basics/giving-101/introduction-to-effective-giving/

online[dot]regiscollege[dot]edu/blog/child-illiteracy/

This material is provided for informational and educational purposes only. It is not intended as investment advice or a recommendation that you take a particular course of action.

UBS Financial Services Inc. does not provide legal or tax advice and this does not constitute such advice. UBS strongly recommends that persons obtain appropriate independent legal, tax, and other professional advice.

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