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Clients expect professional advisors to suggest charitable opportunities...or they might assume it is not a good option for them. This article, published Nov. 2, 2004 and used with permission, suggests how and why to introduce charitable giving in discussions with clients.
Broaching the Philanthropy Barrier
It's often a missed opportunity. Although many affluent investors want to support their favorite causes while also integrating philanthropy into their financial plans, many financial advisors fail to broach the topic of charitable giving with their clients--even though they are uniquely positioned to play a pivotal role in developing clients' giving strategies.
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Study of High Net Worth Philanthropists Suggests Tremendous Value Added by Community Foundations
The University of Pennsylvania's Center for High Impact Philanthropy conducted a survey in September 2008 of people with high net worth who make sizable charitable contributions annually. Many of the top needs these philanthropists identified can be fulfilled through a community foundation.
#1. They routinely seek advice from peers who they view as experienced philanthropists. They seek trusted sources to feel absolutely confident in the integrity of the organization and the leadership of its projects.
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Read more... [Value Added by CFs]
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Donating real estate offers gift-giver a double tax advantage
WASHINGTON - "If I could just burn the place down," many a frustrated seller might think, "my troubles would be over."
Luckily, few people act on such a felonious impulse. And why should they when the fire department would torch the house for them lawfully? Local fire officials gladly accept houses or other structures as donations. Of course, there's a drawback to giving your house away to Sparky and his friends: You won't get any cash for it.
Consequently, if the warm-and-fuzzy feeling you'd get from doing a good deed isn't good enough, you'll have to find another way to unload your white elephant of a house. If, on the other hand, cash isn't your primary objective, donating your property to a tax-exempt charity may be an avenue worth considering.
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Read more... [Donating Real Estate...]
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Financial Advisor Magazine
September 8, 2008
Reducing Guesswork
By Karen DeMasters
Randolph Brinton, a financial advisor and senior vice president at Ferris, Baker Watts Inc. in Baltimore, had a client who wanted to give 10 different charities $5,000 a year each by selling some securities and other assets. It was a doable job, but a time-consuming one for both the advisor and the client. The solution was to give the lump sum to the Baltimore Community Foundation and let it sell the assets and dole out the money.
To use an overworked cliché, it was a win-win solution all the way around. “Giving the money to the Baltimore Community Foundation was a simple way for us to accomplish the client’s goal, and it helped the foundation and it strengthened my relationship with the client because I helped him accomplish what he wanted,” says Brinton, who works frequently with the foundation.
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Read more... [Reducing Guesswork]
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