What Is Legacy Succession Planning?

Legacy Succession Planning is about preserving your life’s work, your family’s collective achievements, and all the stories that go along with them, if you wish. It allows you to envision and legally memorialize how you want to be remembered or how you’d like your life’s work to continue after you’re gone. The purpose of engaging in this type of planning is not to fan the flames of vanity, but to ensure that the impact of your cumulative life successes are carried forward by your heirs or successor organization.

Advocacy Matters, LLC helps clients integrate these intangible assets into their estate planning goals. By including these often-overlooked elements in one’s Legacy Succession Plan, our clients are able to move beyond the preservation of traditional financial assets and into the realm of building a legacy for generations to come.

Terminology In A Nutshell

  • Mostly deals with transfer of financial assets for individuals

  • Focuses on transfer of business ownership upon death or incapacity in order to maintain smooth operations during transition period

  • A hybrid of estate and succession planning with broader scope

    Applies to both individuals and businesses

    Incorporates all the elements of estate and succession planning, but opens the doors to include more intangible assets (oral histories; core values; family heirlooms, etc.)

    Allows for more narrative about how one wants to be remembered in the Legacy Plan

Legacy Succession Planning is a hybrid of estate and succession planning. It applies to individuals and businesses alike and takes a broader approach to end of life planning than either estate planning (specific to individuals) or succession planning (specific to businesses) does.

Land Conservation And Charitable Giving

When considering legacy succession plans, people often have the goal of ensuring that charitable donations will continue to be made in their name to the organizations or causes that are most meaningful to them. Landowners often use land conservation as a way to facilitate and carry through these charitable and other legacy goals.

  • Negotiate a hybrid sale in which you can use the cash proceeds and tax savings to provide financially for your heirs or make a one-time cash donation to a charity.

  • Make a land donation to a Qualified Conservation Organization because it just feels right to help preserve open spaces, trails and natural resources.

  • Create a charitable remainder trust to earn tax benefits and ensure you and the charities you support get the most out of contributions you make.

  • Establish a foundation or non-profit organization to carry on your life’s work and/or your family’s legacy.

Advocacy Matters, LLC will listen to your individual situation and help you understand all your options for accomplishing your legacy succession planning goals, including any solution that involves land conservation. For example, you may choose to: