Estate planning attorney Rob Goodman explains how TJF can help business owners blend financial strategy with a legacy of philanthropy.
When Rob Goodman sits down with a business owner to talk about succession planning, the conversation often turns to something deeper than profit margins.
“Family succession planning is a transition of values,” Goodman says. “With the transitions come development of knowledge, experience, skill sets and financial transition. An important aspect is the transmission of the family value system to future generations.”
It’s a philosophy Goodman has cultivated over decades as an attorney with Kaufman & Canoles, where he guides families through estate planning, business transitions, and charitable giving. For him, a successful plan is one that honors the business owner’s hard work while equipping the next generation to thrive. “I always say, don’t deprive your children of the pleasure of their own success,” he says. Whether it’s giving them responsibility for a new division, including them in strategic conversations, or letting them take the lead on philanthropic decisions, Goodman believes these moments build self-confidence, experience, and the ability to learn from mistakes. It offers the opportunity to strengthen family ties.
Goodman’s counsel often includes using creative financial tools to maximize impact. A self-described “Microsoft Excel fan,” he builds models that show clients the difference between letting the IRS take a large cut and directing those funds to causes they care about. “When they see side-by-side comparisons, they can better understand how a charitable giving plan can also make business sense,” he says.
Donor-advised funds are one of his favorite vehicles for doing just that. “When you pass on, you can leave the IRA/401(k) retirement assets tax free to a donor-advised fund and provide your children, and those after, the opportunity to make charitable donations. The fund provides them the opportunity to stay engaged long after you’re gone.”
According to Goodman, Tidewater Jewish Foundation is the ideal partner for making these plans a reality. “I enjoy working with TJF, and the expertise they bring to the team,” he says. “Their investment policy is prudent, designed to avoid downside risk while keeping funds available for giving. That’s exactly what you want when building a legacy.”
He encourages families to start early and make the process collaborative. Goodman believes this blend of planning, giving, and shared experiences is what creates a lasting family narrative…a living legacy. “When you involve children, grandchildren, and even great-grandchildren in the process, you create a tradition of learning and giving that can remain as part of your family culture,” he says.
For Goodman, succession planning is not just about handing off a business, it’s about handing down a vision for how to live and give well.