What’s Your Legacy?

Your legacy isn’t just where you finish. It’s how you get there. And, whatever you envision your legacy to be, you’re building it today. Ups and Downs. Wins and Losses. Making sports day. Making that deadline. Winning that pitch. Taking time off. Treating yourself. Tightening your belt. Sucking it up. Taking the hit. Getting back up and doing it again.

Legacy is living today so that you can make the most of your future. Being conscious of your legacy means you can leave your mark on the world in the way you want to. For all of us who are starting a business, growing an empire, starting a family, looking towards retirement, planning the trip of a lifetime; your legacy matters. It goes beyond the numbers.

Are you living in a way that is creating your legacy?

Here are five meaningful ways you can build your legacy now:

1. Make Sports Day

75% of the time we spend with our children in our lifetime will be spent by age 12

Our clients tell us they spend too much of their time in the business and they can’t see a way to better balance their lives. By taking expert advice on your business strategy, we can lessen the burden. That might be succession planning, helping with a sale or acquisition, or providing expertise in the form of a Finance Director so your business can navigate its way, without you constantly at the helm.

2. Give your children opportunities you never had

79% of children feel that they have a brighter future than their parents did

Something to which we all aspire is to provide a bright future for younger generations. Making plans now, whether it be tax efficiencies, setting up trust funds, stocks, shares or savings accounts will ensure that the next generation is well-positioned to build on your legacy. It’s never too early to take advice on securing the future.

3. Do what you love

74% of people nearing retirement are on course to run out of money in their early to mid-80s

The March 2023 budget announcement brought good news for those saving in a personal pension. The lifetime allowance is being abolished from 06 April, meaning high earners will not be subject to the same tax charges as they were under the old rules. The Annual Allowance has also increased and is tapered for high earners. The tax rules for pensions are complex but we can help you navigate them so you can enjoy that trip of a lifetime or simply retire earlier to enjoy more time with loved ones.

4. Make your mark on the world

People in the UK gave £10.7 billion to charity in 2021

How and where you want your legacy to benefit others is entirely in your hands. Ways to pay it forward might be a charitable foundation, charitable giving, or even an ethical investment strategy. We can advise you on the best route forward to make sure your work benefits the people and causes you care about.

5. Know your worth

More than 258,000 British people became millionaires in 2021

Working out the value of our estate is complex. Expert advice can help you take stock of everything from the value of your business, your investments, pensions and personal assets so you can plan your legacy in an effective way. As experts in tax, accounting, audit and business advisory, we can help you understand the whole picture when it comes to your finances.

Accounting for your Legacy

Legacy isn’t where you finish, it’s created by the way you get there. If you’re growing a business to sell, building an empire as your pension or looking for financial gain on your own terms, call us at 0203 912 9933 or email info@verallo.com. At Verallo, we offer personalised accountancy, audit, taxation and business advisory services founded on trust, delivered with focus and underpinned by deep expertise.