When people hear “legacy planning,” they often picture a will, a set of beneficiaries, and a conversation that gets postponed until “someday.” But the truth is legacy isn’t just what you leave behind, it’s what you build while you’re here: the values you pass on, the relationships you strengthen, and the purpose you put into motion long before documents are signed.
This blog article is designed to make legacy planning feel less intimidating and more practical—clear, human, and useful. Whether you’re just starting to think about your legacy or you’ve already begun putting plans in place here are some practical steps you can take today.
What “legacy” really means (and why it’s not just inheritance)
It’s easy to default to: “How will my assets be distributed?” That matters. But legacy is often broader than a balance sheet.
Legacy can be framed in a few distinct—but connected—ways: charitable legacy, business continuity, and the legacy carried through family values and stewardship.
Here’s a simple way to think about it:
- Financial legacy: Who receives what—and when.
- Values legacy: What your wealth means to your family (and how it’s used responsibly).
- Community legacy: The causes and institutions you support—intentionally and sustainably.
- Enterprise legacy (if applicable): What happens to a business you’ve built and the people who helped build it.
The goal isn’t to choose one. The goal is to align them, so your plan reflects your life—not just your assets.
Tax benefits can be real—but they shouldn’t be the reason.
Charitable planning tends to be most effective when it’s rooted in genuine charitable intent.
If you don’t already have causes you care about, it may be worth pausing before building complex charitable structures solely for a deduction.
Purpose-first planning could help prevent two common problems:
- Regret (supporting something that doesn’t truly reflect you)
- Overgiving (being generous in a way that unintentionally strains your own financial security)
There are many ways to give
These are three of the most commonly discussed in long-term planning conversations:
1) Donor-Advised Funds (DAFs)
A donor-advised fund can be a convenient way to organize giving overtime.
In general terms, you contribute assets, may receive a charitable deduction (subject to IRS rules/limits), and can recommend grants to qualified charities.
It can also allow investments within the account, and any investment growth inside the DAF may be able to compound without current taxation, depending on the sponsoring organization’s program.
Why families often like it:
- It can start small and scale as charitable plans grow.
- It can create a family rhythm of giving—a structure for ongoing generosity.
2) Charitable Remainder Trusts (CRTs)
A CRT is often discussed when someone has appreciated assets (like low-cost-basis stock or real estate).
In broad terms, assets are transferred into a trust, the trust may provide income for a period of time (often for life), and then a qualified charity receives what remains.
These strategies can be complex and require coordination with qualified legal and tax professionals.
Why it can be useful:
- It may help convert a highly appreciated asset into an income stream
- It can align a desire for lifetime income with a charitable endpoint
3) Private foundations/family foundations
For families with significant philanthropic goals, a foundation can create a formal way to bring children into the process—serving on boards, learning decision-making, and building stewardship habits.
Why it matters:
- It can transform philanthropy into a teaching tool
- It can help a family define “why” before debating “how much”
The part people underestimate – family communication
Legacy plans can unintentionally create family friction when expectations don’t match reality.
A common challenge families face: if children assume they are inheriting a certain asset—and later learn it’s earmarked for charity—conflict can emerge, even when the plan is thoughtful.
That’s why legacy planning often benefits from planned communication, not just paperwork.
A few approaches families commonly use:
- Family meetings (structured, agenda-driven, and facilitated when needed)
- Education sessions for children/grandchildren (age-appropriate and values-based)
- Gradual transparency over time (rather than one “big reveal”)
Communication doesn’t require disclosing every dollar on day one. It does mean creating clarity about intentions, so your plan strengthens relationships instead of surprising them.
A crucial guardrail: generosity shouldn’t endanger your own plan
Meaningful giving is a beautiful goal. But it needs to be matched with financial realism.
In other words: take care of your plan first, then structure giving around what’s sustainable.
This is one reason many families consider:
- ongoing, smaller lifetime giving
- paired with a larger testamentary gift later (if aligned with the plan)
Investing vs. philanthropy
People sometimes blend together “doing good” with portfolio choices. But it helps to separate the two buckets:
- Philanthropy: direct support of organizations and causes you care about (donations, endowments, planned gifts).
- Investing: owning assets with the goal of meeting your financial objectives.
It’s not that values can’t play a role. It’s that categories matter, especially when expectations or marketing language can blur the line.
A simple next step you can take today
If you want your legacy to be rooted in purpose, not just paperwork—this is a good place to start:
- Name the causes you already support (even small annual gifts count).
- Write down your “why” in one sentence (what do you want this to do for people/community/family?).
- List the assets you think you may want to use (cash, appreciated stock, real estate, retirement accounts).
- Decide who should be in the conversation (spouse, children, CPA, estate attorney, advisor).
Going through these simple 4 prompts can help turn “someday” into an actionable plan.
Let’s build a legacy plan you can feel good about
Legacy planning works best when it’s coordinated—investment strategy, tax planning, estate planning, and family conversations all pulling in the same direction.
If you’d like help exploring the options, we’re here to be a resource.
Start the conversation with one of our advisors by submitting a complimentary consultation request here.
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