Too often in our world of wealth management estate planning is about splitting up the money after you’re gone. I think this is too bad. For me, estate planning is also about leaving a legacy of wisdom.
I recently got into a conversation with someone who said that it appears that what I call wealth management is anything a business owner could experience. I don’t think this is completely true, but I can see how they would believe that.
In my opinion wealth management for private business owners is broken into two parts:
The financial portion: where we’re dealing with the material wealth and cash flow of the business owner. The non-financial portion: that deals with what’s important in addition to becoming financially independent and financially safe.
Many business owners are concerned about their personal legacy when it comes to who will be the next owners of their business. Some transfer methods help business owners build this legacy and others have a tendency to remove any attachment or legacy to the former owner relatively quickly.
I’m a big fan of philanthropy and the things it accomplishes. Not only does charitable work and funding help the targeted non-profit, it helps the people who are the donors. In many cases, I believe non-profit multiple uses are just as, and sometimes even more important than the primary purpose.