What is Inspired Legacy Planning?

1 comment July 16th, 2008

  Jody J. Jungerberg, MBA, CFS, ChFC, CFP®  

The author Tracy Gary in her book “Inspired Philanthropy” defines Inspired Legacy Planning as “financial planning that goes beyond mere prudence to be responsive to what is highest and best in us.” 

This type of Estate Planning includes a prudent financial plan but then moves on to taking into account family values, virtues, vision, and what we want to for others.  

First of all, you will want to make sure that a true practical financial plan has been completed so that you have “enough”  - whatever that term means to you.  Enough to retire, enough to leave to your kids, enough to take care of your health care long term, etc.  

With that in place, where do you go from there?  First of all, discuss some of your thoughts and ideas with other family members.  This can accomplish two goals: 1) The beginning of a discussion regarding family values and how they might be passed on through other generations. 2) Help focus in on those causes that really mean something to you and your family.  

This is not as easy as it sounds.  Different generations may have conflicting visions of how to make the world a better place.  For instance, Grandma and Grandpa may want to continue supporting their church and the arts. Younger people may want to “save the rain forest.”  So this process may take several “family meetings” but you will find the exercise enlightening.  A trusted advisor can be very helpful in participating with you in this process.  And they can help you do the “due-diligence” regarding the myriad of charitable organizations out there to help you fulfill your mission.

Finding an advisor who can “vision” with you will be extremely worthwhile.  They know you well, they know your family, passions, assets, and goals.  And even more than that, they will know the right “tools” to utilize to fulfill these goals.  From a family foundation to charitable remainder trust to donor advised funds there are many ways to “give” besides writing a check.  Some of these vehicles are complex, but your advisor can simplify the process so you can concentrate on how you want to make your mark on the world.