Legacy Planning for Entrepreneurs: Beyond the Business
For many entrepreneurs, their business is more than a source of income—it’s a reflection of their vision, values, and life’s work. As they approach succession or exit, the question becomes: what legacy will I leave behind?
Legacy planning goes beyond financial transfers. It’s about aligning wealth with purpose, whether that means supporting family, philanthropy, or community impact. For entrepreneurs, this often involves integrating personal, business, and estate planning into a cohesive strategy.
One approach is to explore charitable giving vehicles such as donor-advised funds (DAFs) or private foundations. These tools can provide flexibility, tax benefits, and a platform for long-term impact. According to the National Philanthropic Trust, DAFs granted over $45 billion in 2021 alone, reflecting their growing popularity among legacy-minded donors.
Family engagement is another important element. Involving children or heirs in legacy conversations can foster shared values and prepare the next generation for stewardship. Some families create mission statements or host annual meetings to align on goals and responsibilities.
Estate planning remains a cornerstone of legacy strategy. Wills, trusts, and beneficiary designations should be reviewed regularly to ensure they reflect current intentions. For business owners, this may also include planning for the transfer or sale of the enterprise in a way that supports broader legacy goals.
At Bellwether Wealth, we believe that legacy is about more than assets—it’s about meaning. Our holistic planning approach helps clients articulate their vision and align their financial strategies accordingly. While we don’t offer legal or tax advice, we collaborate with clients’ professional teams to support a coordinated, values-driven plan.
Legacy planning is a journey, not a transaction. With thoughtful preparation and the right partners, entrepreneurs can ensure that their impact endures well beyond the business.
Please let me know if you have questions or would like to discuss any other matters.
Clark S. Bellin, CIMA®, CPWA®, CEPA
President & Financial Advisor, Bellwether Wealth
402-476-8844 cbellin@bellww.com
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