Leaving a Legacy by Dan T. Garrett & Tim Woodroof
It’s been said that there are two certain things in life: death and taxes. Together, Dan Garrett and Tim Woodroff both have an abundant variety of experience in this area – Garrett as a financial advisor to those planning their estates and Woodroff as a pastor who has no doubt comforted those in a time of bereavement. Their new book, Leaving a Legacy is focused on the idea that the living should be intentional about what they will pass on upon their death.
The authors begin with an all-too-common-sounding story of what can happen when someone dies: a fight about who gets the money ensues. The outcome of this story is one reason why the authors believe it’s so important to think about what you’ll leave behind upon your death. However, Leaving a Legacy argues that a legacy isn’t just about leaving money to your loved ones – it’s also about leaving character and values.
The need for the book is clear, and whether you’re wealthy, middle class, poor, or somewhere in between, you can benefit from reflecting on the character values you’ll pass on to the next generation.
But there are some missing pieces to Leaving a Legacy. The authors believe that heirs should eventually be told how much they’ll inherit, yet there isn’t any strategy given to prevent a Prodigal Son situation of entitlement. And despite the book’s claim that its approach to legacy planning isn’t just about money, there isn’t much help for those who will be passing on a small sum of money. The intended audience seems to be those with larger estates. Overall, if your main legacy will be character, values, memories, and other non-financial assets, this isn’t the book for you.
Disclosure of Material Connection: I received this book free from ACU Press/Leafwood Publishers as part of their ACU Press Bookclub Program. I was not required to write a positive review. The opinions I have expressed are my own. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255: “Guides Concerning the Use of Endorsements and Testimonials in Advertising.”