by Mary Beth Cosentino, FPQP®, Director, Wealth Advisor at Dakota Wealth Management
As a widow without children, I often reflect on my legacy. Have I made a meaningful difference in the world? Will my encouragement or guidance leave a lasting impact on others after I’m gone? For the past twenty years, I’ve been dedicated to helping clients thoughtfully plan how to pass on their assets to the next generation. But what about those without children or family? Have we considered how to create a legacy for them?
Many of your clients may have passions that could be expressed through their estate plan. Whether it’s education, animals, art, music, or wellness, there are countless ways to make a difference. A well-crafted trust can offer a wonderful opportunity to honor their values, even after they’re gone. Do you have a list of vetted charities, complete with tax ID numbers and donation instructions, ready to help guide their decisions?
One of my most meaningful experiences came when we worked with a client diagnosed with early Alzheimer's. For twenty years, she had adopted cats from her local shelter, always choosing the older, less likely-to-be-adopted ones. These cats received the best care: organic food, chiropractic treatments, and a loving home for as long as they lived. Knowing her condition would eventually prevent her from caring for herself or her pets, I arranged for North Shore Animal League’s Safe Haven program to visit her home. This program ensures that surviving pets are cared for until they can find new loving homes. The day my client knew her beloved pets would be taken care of for the rest of their lives was the happiest day of her life. It gave her peace of mind knowing that her "family" would be safe, even after she was gone.
For clients looking to leave a legacy, the Community Foundation for Northern Virginia can be a valuable resource. As an advisor, you can work with them to coordinate planned giving options, including Beneficiary Designations, Charitable Lead Trusts, Charitable Remainder Trusts, Bequests by Will, and IRA Designations. These tools provide your clients with meaningful ways to make a difference while also benefiting from potential tax advantages.
Consider how you can help your clients with family or without by creating a plan that reflects their values and leaves a legacy they can be proud of.
The Community Foundation team is happy to help you structure charitable giving tools and plans to achieve your clients’ philanthropic goals—whether through beneficiary designations or any other type of charitable giving vehicle. This email address is being protected from spambots. You need JavaScript enabled to view it.!
The information contained in this article is provided for informational purposes only. It is not intended as legal, accounting, or financial planning advice.
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Questions?
