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Estate Planning & Charitable Giving

Legacy and Gift Planning

Legacy and Gift Planning

Your legacy remains whether you choose to leave a sizeable inheritance for your children and grandchildren, donate all of your assets to charity, or a combination of both, you will need to structure your assets in such a way as to reduce the amount you pay in estate taxes and minimize the tax burden on your heirs. There are many options available to you as you build your financial portfolio that range from Donor-Advised Funds (DAF) to various trusts and insurance products. Building a strategy that focuses on your desires and your assets is what drives the selection of products and services.

This area of financial planning can sometimes be the most confusing due to the number of products that flood this market. We all know we need a Will and various other legal documents, but many of us just haven’t gotten around to it. Insurance is another product we know we should have but there are just so many types of insurance it’s tough to decide which product, for how long, and how much do we really need anyway? Then there are Trusts. My estate is not that large; do I really need a trust?

For those who are charitably inclined or who would like to donate money to charitable causes, there are several different ways to donate. Many families donate on an ad-hoc basis, $50 to one charity or a $100 to the church, and then add up all the donations at tax time. However, another option that can be more tax efficient and organized is to look at Donor-Advised Funds or setting up a charitable trust. Creating your own personal foundation for donating to charities is not as complex as it may seem.

Coordinating all of these different options is what I do well. I work with you to determine first what you need to have, and then help you select the product that best fits your needs. As a fee-only advisor I do not sell any insurance products; instead, we work together to determine what your overall goals are, and based on these goals, we build a strategy that will incorporate only the products and/or services that you need to accomplish your goals.

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