Philanthropy and Legacy: Preparing Heirs for Wealth Stewardship

From Taboo to Trust: Why Wealth Conversations Matter

Why is talking about family wealth so important—and why does it feel so difficult? In this episode, Laura Russo, Senior Wealth and Fiduciary Planning Analyst at Wilmington Trust, explores why discussing family wealth is essential and highlights how open communication, a clearly defined family mission statement, a well‑communicated financial plan, and a thoughtful family governance structure can strengthen relationships, align values across generations, and protect your long‑term financial legacy. Gain insights into family wealth management, estate planning, philanthropy, and legacy planning to help normalize money conversations and build a lasting, values‑driven future.

Philanthropy and Legacy: Preparing Heirs for Wealth Stewardship

Estate planning isn’t just about transferring assets—it’s about preserving your wealth and values for future generations. One powerful way to do this is through philanthropy. Giving back can teach financial literacy, instill gratitude, and create a shared sense of purpose within your family. In this episode, Alexa Broida, family legacy advisor for Wilmington Trust’s Emerald Family Office & Advisory®, explores three practical strategies to use charitable giving as a tool for family education and unity, so your legacy can thrive for years to come.

What Is an Irrevocable Life Insurance Trust?

For many individuals, the purchase of life insurance is designed to mitigate risks including replacing income in the event of a premature death, leaving a legacy for heirs, and providing a source of liquidity for the payment of estate taxes. For those focused on the last of those risks—providing a source of liquidity for estate taxes—it can be particularly beneficial to consider using an irrevocable life insurance trust to own their life insurance policies. Listen as Dolly Donnelly, director of Wealth Strategies for Wilmington Trust’s Emerald Family Office & Advisory®, discusses what an irrevocable life insurance trust is and when you might consider using one.

Sustaining Wealth Over a Lifetime

Often, financial conversations focus on wealth accumulation. However, sustainability is also an important consideration at each stage of your financial life. It requires planning, discipline of following a budget, and the ability to adapt your plan as your life changes. In this episode, Laura Russo, senior wealth & fiduciary planning analyst for Wilmington Trust’s Emerald Family Office & Advisory®, offers her insights on creating a financial plan that is built to last.

Paying or Deferring Estate Taxes Attributed to Business Assets

In general, the portion of a decedent’s estate value in excess of an exempt amount is taxed at a federal rate of 40%. When a decedent’s estate includes a significant and illiquid business asset, the administrator is often faced with making a decision on how to pay a very large tax bill within a very short window of time. It is important to know when a potential deferral of payment is applicable and the potential financing options for payment of the estate taxes. In this podcast, Lisa Ligas, national director of wealth strategies for Wilmington Trust’s Emerald Family Office & Advisory®, offers her insights.