Estate Planning and Charitable Giving
Estate planning means ensuring that your wealth will be transferred according to your chosen objectives, both now and in the future. It has even greater significance than drawing up a will. The outcome should be an integrated plan designed to preserve and protect your estate, your family and future generations. Having the right plan instills confidence knowing your assets will be properly managed and your legacy preserved.
An effective estate plan should be comprehensive, so it’s vital to consider your broader financial objectives and develop your plan with professional expert assistance. These experts, at a minimum, would consist of an estate planning attorney and a financial advisor, but may also include a CPA and/or an appraiser.
Another critical aspect of estate planning is the importance of implementing a plan now rather than at a time in the future. It is never too early to initiate a plan designed to preserve, protect and transfer wealth to those individuals and organizations you care most about.
Contact us today to learn more about our estate planning strategies.
Charitable giving is a practice nearly as old as time. Early Egyptians built free medical clinics for the sick. Rulers in Sri Lanka and India provided funding for hospitals. Ancient Greeks were underwriters for the construction of public buildings, and they also gave us the word “philanthropy,” which is derived from a word meaning the “love of humanity.”
Philanthropy has played a key role in every major civilization since the beginning of time. Just like civilization has evolved, so has giving.
Today, after a period of decline following a difficult economic environment, charitable giving is making a comeback in the United States via various methods of giving ranging from writing a check to creating a charitable trust. Available are the simplest of methods to the most sophisticated vehicle, providing the charitable-minded multiple choices with which to carry out their good deed.
Some donors are looking to make a big impact with their gift, while others prefer a modest impression. For some it is a year-end planning process, while others are looking to provide an enduring legacy. Regardless of your motivations and objectives, you have many options. Choosing wisely among them is vital to maximizing the effect of the gift, while also minimizing your present and future tax exposure.
If you are looking to develop a philanthropic plan please contact us today. We will help you develop a charitable giving plan in line with your values and wealth transfer objectives.