Philanthropy and charitable giving can be one of the more gratifying parts of estate planning. Just as every individual is unique, so is their philanthropic approach and there are many ways to involve yourself and your family in philanthropy.
Aligning Your Needs with Your Charitable Goals
Like all planning, charitable planning begins with the client’s needs, interests, assets and goals. Charitable planning really is like investing: the client needs to review their portfolio of assets, but also their portfolio of interests. Some assets are more tax-effective than others for funding charitable gifts, and different structures will be more effective for different assets and different philanthropic goals. At KFA, we share our knowledge and expertise in a number of charitable vehicles including:
- Outright, unrestricted gifts
- Restricted gifts
- Private foundations
- Donor advised funds
- Charitable lead trusts
When a client takes the time to identify their philanthropic goals and to collaborate on where and how to give it creates a meaningful philanthropic legacy for multiple generations.