One of the common habits among the ultra wealthy might surprise some. The habit is charitable giving with upwards of %98 of high net worth households being philanthropically active. However, many of these families give without consulting advisors which may deprive them of benefits that will make every altruistic dollar go further. Different methods of giving may create tax advantages to the donor and some entities may be established, such as a trust, that will allow greater control over the way the donated property is used. Proactively talking about charitable gift planning might yield great benefits to the client and any good causes they seek to advance.
See Paul Hechinger, Don’t Skip Charitable Planning for Wealthy Clients, On Wall Street, May 10, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.
