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For many of us, the passing of Jimmy Buffett stirred memories of a performer who left a lasting mark on our lives. In my family, some of our most cherished memories tied to his music come from the summer of 2020. That was the first summer of the COVID-19 pandemic, when lockdowns and fear of the virus forced us to cancel many of our usual activities. I even remember our neighborhood swimming pool enforcing masks and social distancing. While it wasn’t an ideal summer by any measure, moments like these remind us of the importance of reflection and intentional planning—much like the role estate planning plays in preparing for the future and ensuring our families are cared for no matter the circumstances.
However, one of the things that made the summer tolerable was afternoons in our backyard. My wife and I purchased every conceivable blow-up, inflatable, or water activity we could find at the grocery store or Academy and spent the summer playing in the backyard with our kids, family, and any friends who would brave the elements to join us. Children splashed and laughed while Jimmy Buffett hits filled the air as the soundtrack of that summer. We would play his songs because they were suitable for the events, easy to listen to, and encapsulated what a carefree summer should be. In many ways, Mr. Buffett’s music helped get my family through that first COVID-19 summer.
Jimmy Buffett’s music and legacy live on beyond summer
Even as COVID faded into the background as a concern, my family continued to listen to Jimmy Buffett’s music, especially during the summertime. My kids who are all under seven years old, recognize Jimmy Buffett songs because of how often their mom and dad listened to the music over the past few years. It was almost fitting that Mr. Buffett passed away during Labor Day weekend 2023. As one summer ended, the cooler months of autumn began to settle in. It was almost appropriate that Mr. Buffett passed away during this time. Hopefully he, like the rest of us, was able to enjoy a summer full of music and fun.
The reality is that Jimmy Buffett was more than just a singer-songwriter and performer. He was the originator of a lifestyle and lifestyle brand that he was able to capitalize on to better the lives of himself, his family, and many charitable endeavors. I don’t want to turn this blog post into a commercial for Jimmy Buffett, but you need only search on the Internet to find the many business ventures that Mister Buffett was able to capitalize on because of his music selling so well throughout the decades. Whether it be his resorts, food, merchandise, and the list goes on and on he was certainly a financially successful Businessman in addition to a successful musician.
Learning from Jimmy Buffett’s example to build a lasting legacy
While no one immediately concerned themselves with this after Mr. Buffett passed away, asking how he set up his estate to provide for his family and ensure the continued success of his business ventures and philanthropic efforts is worthwhile. His beach bum persona and carefree attitude shone through his music. However, it is unlikely that he took seriously the wealth he had built and the impact he had made on the lives of the people around him and in his community.
In today’s blog post from the Law Office of Bryan Fagan, I wanted to spend some time walking through how we can be legacy-minded just as Jimmy Buffett was. While it is true that very few of us will ever accumulate even a percentage of the wealth that Jimmy Buffett did, that does not mean that we cannot be a blessing to our families, friends, and community. In today’s blog post, we are going to talk about what it means to build a legacy and how best to move towards that goal.
If you have any questions about the material contained in today’s blog post, please do not hesitate to contact the Law Office of Bryan Fagan. Our licensed estate planning attorneys are here to help answer questions and provide information in a free-of-charge consultation. Once you’ve had your initial questions answered, we can also provide you with information about different ways you think about your legacy and how estate planning can figure into your goals both as an individual and as a member of your family.
Be intentional, just like Jimmy Buffett
We have already talked about how Jimmy Buffett’s music was carefree, sun-kissed, and fun. Even if you are not a fan of his music style, hearing his songs will almost certainly transport you to a sunnier and happier place. It was almost impossible to listen to his music and not be in a good mood. It would be easy to lose track of how Jimmy Buffett was anything but carefree, in all likelihood, when it came to his finances and his legacy. On the contrary, Jimmy Buffett was a philanthropist and a man who cared deeply about his community. As a result, he put a lot of thought and care into his business ventures.
Jimmy Buffett’s legacy reminds us why intentional estate planning matters
His Margaritaville brand was comprised of merchandise, restaurants, grocery store items, resorts, and much more. Jimmy Buffett was a man who parlayed music and the success in that industry into an entrepreneurial empire that stretched across the globe. All of this is good and well, but true success in this sort of area means the ability to not only positively impact your immediate family but also feature generations. Jimmy Buffett was also a well-known philanthropist who gave generously to many charitable causes.
One of the takeaways that we all can focus our attention on after Jimmy Buffett’s passing was how he had a plan for how he wanted to structure his life and the proceeds of his financial success. As it stands, planning an estate is a difficult subject for most of us. The main reason for this doesn’t have to do with finances or any of the other subjects that are part and parcel of estate planning. Rather, the most difficult aspects of estate planning have to do with the reality that when you plan your estate, you are planning for the end of your life. Most of us want to delay thinking about this subject as much as possible. However, doing so would not be intentional in the right way. Rather, we need to think about our lives and how our lives and property can positively impact others.
Estate planning helps preserve your legacy and ease future burdens
When we look at estate planning from either a financial, technical, or emotional perspective, it can seem that this is a task that we might not be up to. With all that said, estate planning is important both now and in the future. All this matters more than you may think. Many of us take the attitude that our plans and wishes as not that important. However, many of us often mask a deep-down concern about being forgotten after we pass away, fearing we will leave less of a legacy than we hoped. Is there anything we can do now to preserve that legacy or even begin to build it?
As Jimmy Buffett would likely tell us, the answer to this question is a resounding yes. When we think about estate planning, we don’t need to think about it in terms of property and finances first and foremost. Rather, we can choose to look at it from the perspective of allowing us to seriously consider our future and how our estate can benefit those in our lives. While you may not have the wealth of Jimmy Buffett, you almost certainly have someone or something in your life that is important to you. The goals you may have concerning that person may be unique to your family, but you can and should be intentional about how you plan your future so that whoever is nearest to you will be able to remember you for the intentionality you displayed regarding your wealth and your estate.
Why estate planning protects your family and preserves your legacy
For a moment, let’s put ourselves in the shoes of our loved ones. Specifically, let’s imagine a situation where we have just passed away and, as a result, our loved ones are dealing with the consequences of that reality. Once we pass away, we lose the ability to voice our opinion about how our property is handled. Estate planning preserves that autonomy by allowing us to decide in advance. By naming an executor in a will or a trustee in a trust, we ensure others honor our wishes even after death. For those of us who do not estate plan, then all bets are off as far as what will happen to our property once we pass on from this life.
Where does this leave your family after you pass away? For starters, having to sort out all your affairs related to your estate after you pass away is expensive. Not only would it cost time for your loved ones, but it would also cost money. These are realities that may not set in for you until it is too late. What that means is that you can take advantage of the time you have now to begin to think about how you want to structure your estate to make life easier for your executor or trustee. This approach also allows you to keep more property within your estate instead of spending it on a lengthy probate case.
How can you think about estate planning as far as an overview is concerned?
As you can see, there are many benefits when it comes to estate planning. However, with so much to think about when it comes to planning your estate and situating yourself well for an end-of-life situation, it may be the case that you become overwhelmed with the options and information available to you. With that in mind, we at the Law Office of Bryan Fagan wanted to provide you with a general overview that is just as applicable to your life as it was to a wealthy person like Jimmy Buffett. The simple truth is that it doesn’t matter what your level of wealth is or what your goals are. Being intentional with your estate is what matters the most.
When we talk about a legacy, the discussion often overlooks how estate planning gives real, legal protections to your vision for your legacy after you pass away. There are many ways to accomplish this goal, especially in estate planning. These include creating wills, trusts, or combinations of both. Additionally, you might want to ensure that certain people in your life receive care after your passing. To best ensure this, consider guardianship proceedings, child adoptions, and even adult adoptions, providing for family members even after you’re gone.
When you think about your estate’s composition, remembering all the different sorts of property applicable to your situation can be challenging. An estate consists not just of land or real estate but also of physical property, real estate, cash, investments, and intellectual property. It’s important to consider all these properties and the value of each item. This way, you can better decide how to distribute your property.
Questions to ask yourself as you begin to plan your estate
Certainly, a man like Jimmy Buffett must have asked himself many questions over time about how he wanted to be remembered. For someone who did so much with his life, it may have been difficult for him to think about taking a step back and looking at his life with a period at the end of that sentence. However, Mr. Buffet had his life come to an end just as all of us will have our lives come to an end. Considering this unpleasant thought is not easy, but it’s a reality we all will face. As a result, we can and should begin to think more about our legacies and how estate planning figures into this type of planning.
The simplest question that you can ask yourself is how you want to be remembered. There is a quote that I like to reference in these types of situations. A person will remember you not for what you said to him or her but for how you made him or her feel. Your legacy could involve leaving your estate in a way that makes it easy for your family to handle matters and ensures everyone feels accounted for. This would be a preferable memory to leaving everything up in the air and having your family worry more about your finances than your memories.
Determining how you want to be remembered for your impact is another important thing. What has been your main impact on the life of each family member, friend, or organization that you have met? Accounting for your impact on each of these groups is an important consideration to make currently. When you are close to a family member, ensuring that your estate plan appropriately accounts for that person is a great legacy to leave.
Conclusion
Finally, think about the people in your life who could be harmed by the property you leave behind. Maybe you have a family member who struggles with managing money and would waste what you give them, or perhaps someone battling addiction who might use an inheritance to cause more harm. Through thoughtful estate planning, you can create a plan that protects these loved ones while still giving them the chance to rebuild trust and eventually benefit from what you’ve left. Having a clear estate plan is essential to balancing protection with compassion.
Questions about the material contained in today’s blog post? Contact the Law Office of Bryan Fagan
If you have any questions about the material contained in today’s blog post, please do not hesitate to contact the Law Office of Bryan Fagan. Our licensed guardianship and estate planning attorneys offer free-of-charge consultations six days a week in person, over the phone, and via video. These consultations are a great way for you to learn more about the world of estate planning as well as how your family’s circumstances may be impacted by the filing of a probate case.
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