Building on the strength of legacies
What is your legacy? I know that question is not top-of-mind for every person. Yet we all leave a legacy of some kind, and each of us can decide to make a positive impact on the future.
As a financial planner, I think often about people’s legacies. Ideally, we will align our legacies with the values and communities we embrace in our lifetimes, which is why lately I’ve been considering the powerful legacy of Catholic education and sports at Pope John Paul II (PJP) High School, our local high school much-loved by many in Montgomery County.
PJP continues to grow and thrive as social and education trends shift. In fact, we are in the middle of one of the largest capital campaigns in the history of PJP (or the legacy schools that created it). I am part of a group of alumni working to raise $1.8 million to build a state-of-theart athletic stadium as a new home for PJP football and other sports. To date, we have raised over $500,000, and we thank everyone who has donated.
This is a deeply personal and important effort for many of us involved and one that carries on the legacy of some very special people in our community. In May of this year, Jerry Kehoe was inducted into the PJP Legacy Hall of Fame. He was a beloved basketball and football coach at Bishop Kenrick High School (my alma mater and one of the schools that ultimately became part of PJP). As JV basketball coach, Jerry had an astounding record of 144-14.
Coach Kehoe, who passed away far too young at age 38, is an excellent example of the power of one’s legacy. As one of Bishop Kenrick’s first coaches, he helped shape the athletic program that nurtures and strengthens so many students today at PJP. He was part of a family that continues to be an integral part of the community. In fact, his daughter, Cheryl Kehoe Rodgers, is an editor here at The Times Herald, and his son Tommy Kehoe was my 9th grade basketball coach.
Coach Kehoe and his family embody the spirit of Bishop Kenrick and PJP — and Catholic education in general. Our local Catholic schools instill in students the values of faith, family, cooperation, selflessness and academic excellence. Graduates take those values out into the world, continuing to shape and demonstrate the legacy of Catholic education.
Each of us can choose to build a meaningful, constructive legacy by keeping alive the promise of Catholic education and PJP. I encourage all my fellow alumni to make a financial contribution to PJP. Not only will you be supporting the school and its students, but it feels good to give back.
Making a contribution goes beyond just writing a check or volunteering time. One tool you can consider is life insurance. Many people do not realize that a charity can be named as a beneficiary of a life insurance policy, giving us an opportunity to provide a significant contribution at the end of our lives. The charity can be the sole beneficiary or one of several on a policy. For example, you can leave 90 percent of a $1 million policy to your family and designate 10 percent as a charitable contribution. Though just a portion of the policy, that
10 percent creates a significant contribution of $100,000.
This is a relatively easy and painless way to give. You can even change an existing policy to add a charity as a beneficiary. Plus, your contribution is tax-free. You can use any type of life insurance this way, whether you have whole life insurance or term life insurance. However, with term life insurance, if you live past the designated age of your policy, neither the school nor your family will receive a benefit when you pass away. That’s why I often encourage people to consider a whole life insurance policy, which does not expire like term life insurance.
By naming PJP as a beneficiary of your life insurance policy, you can help keep the
legacy of Catholic education alive. Our donations support tuition for students in need, upgrades to classrooms and facilities, sports programs and arts education. We can help ensure future generations of Catholic school students are well-rounded, compassionate, faithful citizens.
At PJP, pre-season football camps have begun. One of my sons is among the young men dedicated to two-a-day practices as they continue to build a strong PJP football team. As we prepare to enter another school year, we are still living in the positive legacy of Coach Kehoe and every dedicated teacher, coach and student that has shaped PJP. Their legacies are shaping the future. What will your legacy be?
Rich is a Financial Wealth Planner helping individuals and families build and manage Generational Wealth. A long-time resident of the Norristown area, Rich graduated
from Bishop Kenrick High School and attended the University of Pennsylvania, where he received a Bachelor of Science degree in Economics from the Wharton School. Rich is also a member of Top of the Table, an exclusive group within the Million Dollar Roundtable, a leading industry association.
With more than 30 years of experience in the financial services industry, Rich brings a wealth of knowledge to help his clients plan for a secure financial future. As principal of the Wesselt Capital Group, Rich uses a relationship-driven, individual approach to macroeconomic planning. He works creatively with each client to address the appropriate investment, savings and protection programs that fit their needs and presents a financial blue print that is unique to their personal goals and objectives. Rich holds his FINRA Series 6 Registration.