The Informed Investor

When you can leave a meaningful legacy and make smart decisions to help you meet your personal wealth management goals, it’s a win-win situation. Philanthropic planning is a valuable tool in financial planning because it helps our clients achieve both.

Philanthropic Planning and Tax Planning: Taking Control of Your Legacy

There are many strategies to consider when it comes to tax and estate planning, and an increasing number of families are looking to philanthropic planning as a means of taking control of their personal and financial legacy. While many think of tax planning as minimizing their income and estate tax burden, when you add philanthropy to the equation, you are giving yourself the power to choose the impact your wealth makes on the world.

Philanthropic planning allows you to ensure that your legacy aligns with your values, and that the charities that matter to you have the funding they need to carry out their mission. Families that are making sizable donations to causes they care about can collaborate closely with charities and foundations to carry out their wishes, or they may even choose to establish their own charitable foundations or non-profit organization as part of their philanthropic planning to truly create a lasting legacy.

Financial Advisors and Philanthropic Planning

Philanthropic planning requires the guidance of skilled financial advisors, legal and accounting professionals with experience in charitable gifting. It is simply not enough to stipulate that X charity gets Y amount of dollars; due diligence should be done and a strong relationship must be formed with the charities in question to ensure that funds are being used as intended. Anyone can plan to give away money, but it takes experience and knowledge to do so with intention.

When working with our clients on philanthropic planning, the first objective is to get to know you and your family. What are your values? What would you like to achieve with your gift giving? What types of non-profit organizations are your priority? How involved do you wish to be with the charities you’re donating to, and how much control do you want to have over how your gifts are being spent? Will your family be involved? What do you want your legacy to be?

Next, we’ll pivot to discussing your immediate financial planning needs. Philanthropic planning is typically a collaborative effort between you, your financial advisor, accountant, and attorney; together, we will strategize how to maximize benefit to your chosen charities and your beneficiaries, all while leaving you in a comfortable place financially with a minimal tax burden.

Finally, we develop a strategy tailored to your needs: how can your philanthropic giving help you achieve your charitable goals and your financial goals?

Learn More About Our Financial Services

If you have $3 million or more in investable assets and would like to learn more about our financial services, our investment advisors are here to help. ICC provides clear and unbiased guidance for its clients, backed by a team of experienced fiduciary, financial experts. Contact us today at 702-871-8510 to learn how our team can help you.

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