Aristotle said: “To give away money is an easy matter and in any man’s power. But to decide to whom to give, and how large, and when, and for what purpose and how, is neither in every man’s power nor an easy matter.”
The humanitarian aspects of private philanthropy have traditionally been its primary motivating force.
Now that public dollars are getting tight, our social, cultural, and educational institutions must rely more heavily on the private sector.
To ensure long term funding, charities are “educating” donors about a capital legacy.
Strategies for generosity can take many forms. The best strategy for you will depend on your circumstances. To reap the maximum, you must plan your gift now, during your lifetime. When you make it an integral part of your overall financial and estate planning, you, your heirs, and your favourite charities will all be winners.
It is a process of designing gifting arrangements that realize philanthropic objectives in a way that achieves maximum financial benefit for both the donor and the charity.
Social capital legacy is that portion of our estate not required to maintain financial independence and not designated for. generational wealth transfer?
The concept of social capital has expanded the traditional definition of wealth, revealing that we have a choice - and the power - to direct how assets that we will ultimately not be allowed to keep, will be distributed, and used. We can make a better choice, then losing the funds to taxes.
The role of philanthropy in estate planning can be expanded with recognition and understanding of social capital.
If you were required to give estate assets away, and your only choices were the government as a charitable recipient, or a worthy cause, which would you choose?
In the end, the only question is how much do you want to leave to which entity?
Consider impact giving – for today and tomorrow.
I would really enjoy having a conversation with you to explain how we have helped others support your favorite causes. Please reach out to me at email@example.com.