Cultivating Legacies Beyond Charitable Giving

In my LifeWise? Masterplan life planning workshops for clients of wealth advisors, participants often seek ideas across the eight life categories we cover. While financial advisors commonly focus on charitable contributions and estate planning with their clients, which can significantly support wonderful causes, some of the most enriching discussions often stem from considering legacies beyond pure finances.

One example I share, inspired by Hyrum Smith’s book, Purposeful Retirement, involves grandparents who created a unique legacy called ‘Cousin Camp’ to foster strong relationships among their geographically dispersed grandchildren. Hosting all 16 cousins annually for a week of activities, they aimed to cultivate lasting bonds and memories.

I love this. While it's likely they also provided financially for their children and grandchildren, what's even more significant is the legacy of resilience they've instilled in their family. By doing so, they've given their loved ones a vast support network - instead of just one or two siblings to turn to, they now have a community of fifteen relatives to offer guidance and encouragement as they navigate life's challenges. It's a truly brilliant approach.

What non-traditional legacies have you and your clients explored or created?