Crafting a Legacy with the P&G Alumni Foundation and Greater Cincinnati Foundation
Last week, we had the privilege of hosting a thought-provoking discussion in collaboration with the P&G Alumni Foundation and Greater Cincinnati Foundation. The event centered around a fundamental question: How should you balance your estate between charity and children?
Rather than providing a one-size-fits-all answer, our panelists guided attendees through deeper reflections on what it truly means to create a lasting legacy.
Beyond Material Wealth: Understanding Legacy
A key insight from the discussion was the distinction between one’s estate and legacy. While many equate their financial assets with their legacy, our panelists emphasized that true legacy-building extends far beyond wealth. The estate represents material wealth, whereas legacy is the lasting impact of one’s life, values, and contributions to family and community. True legacy-building requires intentional effort, and most importantly, it is done together with family.
The discussion highlighted common misconceptions surrounding legacy planning, including the myth that only the ultra-wealthy need to consider it, when in reality, anyone—regardless of financial status—can make an impact by being intentional with their resources. Another common assumption is that supporting charitable causes and providing for family members are mutually exclusive. However, strategic planning can balance both, ensuring heirs are financially secure while philanthropic goals are met.
Instilling Stewardship and Financial Responsibility
Preparing heirs to be responsible stewards of wealth is a crucial aspect of legacy planning. This involves instilling financial literacy, fostering open discussions about family values, and incorporating the next generation into philanthropic efforts early on. Some of the strategies discussed included:
- Encouraging children to manage their own finances through allowances, investments, or donor-advised funds.
- Holding structured family meetings to discuss wealth, values, and long-term goals.
- Involving younger generations in charitable giving by having them research and select causes to support.
Whether through volunteering or discussing shared responsibilities with one’s family at dinner, actions carry far more weight than words. A poignant story shared by a panelist underscored this truth: His daughter, in a school essay, recalled a moment when he gave his leftover food to an unhoused man rather than keeping it. She wrote, “…while I don’t know if that man survived that cold night, I do know that if he died, he did not die hungry.” This moment exemplifies how values are best passed down—not just spoken but lived.
Balancing Inheritance with Philanthropy
A recurring theme throughout the event was that legacy planning is not an either-or decision between family and charity. With the right tools—such as donor-advised funds (DAFs), charitable trusts, or staged inheritance structures—families can create plans that provide for heirs while also supporting meaningful causes.
Our panelists emphasized that wealth should be seen as a tool for positive impact, not just financial security. By integrating philanthropy into estate planning, families can pass down a purpose-driven approach to wealth, ensuring their values endure across generations.
Taking the First Steps in Legacy Planning
For those unsure where to begin, our panelists offered practical advice:
- Reflect on personal values and the impact you want to leave behind.
- Engage in conversations with family about legacy and philanthropy.
- Explore structured approaches like estate planning, charitable giving, and donor-advised funds.
- Start small—whether through documenting personal stories, setting up a giving plan, or involving family members in philanthropic discussions.
Ultimately, creating a meaningful legacy is an ongoing process that evolves over time. The event reinforced that legacy is about more than money—it’s about shaping future generations through values, generosity, and intentional planning.
Thank you to the P&G Alumni Foundation and Greater Cincinnati Foundation for partnering with us for this impactful conversation!
