10 Opportunities To Discuss Philanthropy With Clients
10 Opportunities To Discuss Philanthropy With Clients
One of the things about talking about philanthropy is it enables you to get into more meaningful conversations that can touch on estate plans, tax plans and family situations. Heisman said. The other thing you get to do is ask people whats really important to them.
As head of National Philanthropic Trust for 14 years, Heisman said her firm, which manages donor-advised funds, has given away about $1.4 billion and has made about 65,000 grants. Here are 10 opportunities Heisman said every financial advisor can use as a cue to talk about philanthropy.
Shifting Family Dynamics
Around a family event, you might want to talk about whats important to you, Heisman said.
Holding Appreciated Securities
That can include something a client has bought on a low-cost basis that has since doubled or tripled in value. Instead of selling that asset and paying capital gains tax, a client can donate it to a charity and get a deduction for the full fair market value of the securities. The charity, in turn, sells the asset it was gifted.
Owning/Selling a Business
You need to figure out how much lead time do you need, especially if youre gifting something like a family owned business, Heisman said.
Owning/Selling Real Estate
You can take an illiquid asset that you would never get paid on, gift it to a donor advised fund, and then the donor advised fund charity liquidates it, Heisman said. Then it becomes an investable asset and then it becomes part of your portfolio.
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Reviewing Paid Insurance Policies
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Establishing/Modifying a Private Foundation
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Retiring
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Inheriting
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Estate Planning
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Planning Major Gifts
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