Charitable planning for wealthy clients: In the spotlight

As you read up on techniques to structure philanthropy plans for your high-net worth clients, we recommend reviewing the potential impact of the estate tax exemption sunset, as well as making sure you’re one of just half of advisors (!) who are truly helping their clients with charitable giving in the first place. The team at the community foundation is happy to help you start the philanthropy discussion with clients; we understand that it’s not always easy, but it is so important

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“Shell funds” and other handy tools for charitable clients who are planning ahead

Getting a jump on a future “to do” list is always such a good feeling. The team at the community foundation can help you with your clients’ long-term charitable giving plans by putting in place the structures to receive bequests decades from now. Consider a case where you’re finalizing an estate plan for a client who would like to leave bequests to multiple charitable organizations, but the identity of those specific organizations may be a moving target over the years because of the client’s evolving level of engagement with various charities as a donor, volunteer, or board member.

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Gifts of Appreciated Stock: Let the numbers do the talking

No matter how frequently you remind clients to pause before they automatically reach for the checkbook to make their charitable gifts, many clients still give cash! As an attorney, accountant, or financial advisor, you are well aware that giving long-term appreciated assets is often one of the most tax-savvy ways your clients can support their favorite charities. Nevertheless, it’s sometimes hard to convey that message to clients with words that stick. Next time, consider using illustrations to help clients see the benefits. 

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Tax Return Reviews Help Clients Level Up Charitable Giving Plans

Tax time has its silver linings! Going over a tax return with a client helps start a productive conversation about ways to plan gifts to charity more effectively. As you scan 2023’s charitable contributions, talk with the client about whether those charitable gifts were made with cash or with other assets and then steer the conversation toward discussing the most effective assets to give to charity during 2024 and beyond. 

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Fund Types Tailored To Your Client’s Charitable Goals

Just as each of your clients has a unique estate plan and financial plan to meet the client’s particular situation and goals, each of your philanthropic clients needs a unique charitable giving plan. For example, for some clients, giving shares of highly-appreciated stock consistently every year to their fund at Whidbey Community Foundation makes the most sense for their charitable goals and their mix of assets. For other clients, leaving a bequest to the community foundation to support specific areas of interest is the best fit for the client’s financial situation and community priorities.  

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