Lifetime Versus Testamentary GivingLifetime Versus Testamentary Giving
Self-made people are often conflicted about philanthropy. Many of them work very hard for their wealth and, to a certain extent, measure their self-worth by the size of their pile. If a client's goal is to not only build his pile but also be philanthropic, it can seem like a contradiction. And to some extent, it is. But, for the advisor, there's also plenty of room for effective planning. And that
Roger D. Silk
Self-made people are often conflicted about philanthropy. Many of them work very hard for their wealth and, to a certain extent, measure their self-worth by the size of their pile.
If a client's goal is to not only build his pile but also be philanthropic, it can seem like a contradiction. And to some extent, it is. But, for the advisor, there's also plenty of room for effective planning. And that often involves getting the client involved in philanthropy while he's alive. James Cody, director of estate and trust advisory services at Harris myCFO, a multi-family office in Palo Alto, Calif., observes that good philanthropic planning and the related tax benefits can actually help a client grow his overall pile. But there are ot...
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