Leaving a Legacy 

Man flying a toy plane with grandson 

Creating a legacy can be rewarding for you and your family. It provides a way for you to share your values with your children, and reminds them of how fortunate they are to have their health, their home and their basic necessities.

  • How do you want to be remembered?
  • How will your assets pass to your family?
  • Do you want to give anything to charity?
  • Should you make any gifts during your lifetime?

Your legacy may include an inheritance for a family member or friend expressing your desire to plan for their future or allocating funds for charitable causes and organizations.

Life Insurance

Life insurance can be used to protect the lifestyle your family has become accustomed to and provide an inheritance for those you care about. Life insurance proceeds can be used to provide the funding for estate or inheritance taxes, preserving your assets for your heirs. Through proper estate planning, life insurance proceeds may be excluded from your estate and not become subject to estate and income taxes.

The gift of life insurance proceeds can be used to pay for a grandchild’s college education or provide a lifetime income for a spouse or child.

An added benefit of life insurance is the cash value of a permanent life insurance policy is accessible when you need it—for an emergency or an unexpected opportunity.

Charitable Giving

Some ways to fund a charitable legacy include:

Life Insurance
Funding your legacy with the gift of life insurance is a practical and affordable way to achieve your goals through charitable contributions. You don't need to be wealthy to make a significant and meaningful gift.

Charitable Remainder Trust (CRT)
A CRT can help you build a legacy and provide you with a steady stream of income for retirement funding for you or provide funds to a designated individual and also benefit a charity you care about.

A charitable remainder trust is a split interest trust, benefiting two interested parties. It can provide income to you or other specified individuals as established in a trust document and leave the remaining trust assets to charitable organizations.

Endowments and Foundations
Endowments and foundations are organized and operated exclusively for charitable purposes. Similar to other trust arrangements, endowments and foundations are created when an individual transfers ownership of property to a trust with another individual or company serving as trustee.

Northwestern Mutual Can Help

Including a charity as part of your legacy can be very rewarding for you, your family and a charitable organization. You can make a substantial and lasting impact with even modest annual gifts and leave a legacy that otherwise may not have been possible.

Working together with your legal or tax counsel, Northwestern Mutual can help you build a lasting legacy for not only your family but community as well.

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