Wealth Plans Checklist Series: Entrepreneurship Plan

Purpose

The phrase “trust fund baby” is generally used to describe a young person who is independently wealthy and doesn’t need to work to earn a living because a trust fund with substantial assets for his or her benefit has been set up (usually by the parents or grandparents).  It’s commonly referenced in a derogatory, not complimentary, manner because the notion is if someone can live an exceedingly wealthy life by receiving income from a trust fund, the challenges experienced that motivate us to engage in productive activities are either non-existent at worst, or neutralized at best.  But not all trust beneficiaries lead an unproductive life of leisure and in many instances are well groomed to be the heir apparent for taking on the family business.  Still, many develop passions outside the family business and creating an entrepreneurship plan supports them to find purpose in life and self-identity beyond the trust fund.