Philanthropic Planning and Charitable Giving

In his book, ‘Beyond Death and Taxes,’ our friend Greg Englund posits that people often have a very simple choice in doing their estate planning: whether you want to engage in Voluntary Philanthropy or Involuntary Philanthropy (meaning taxes.) The choice is yours.

In our practice, we regularly raise the issue of planned philanthropy with clients and help them understand better the financial impact of these choices. Sometimes, the result is incorporation of one’s favorite charity (or charities) in the estate plan.

There are a variety of ways to structure a charitable legacy. Lifetime gifts are one such way. Charitable trusts, such as a Charitable Lead Trust or a Charitable Remainder Trust are another. This list is long and depends heavily on your current financial (and tax) situation, what you expect your situation to be in the future, and, of course, your goals and objectives overall.

Our firm can help you decide which vehicles and instruments work best for you. We sometimes work with specialists in philanthropic planning, such as The Boston Foundation, an organization that provides donors with a range of services to support their giving programs. For more information on this and other programs offered visit www.tbf.org.

Finally, keep in mind that planning in this area can easily be joined with retirement planning goals. We can work closely with your financial planner to help create a sound plan for you.

If you would like to discuss ways to incorporate planned giving into your estate plan, please contact us at (617) 716-0300 or
info@squillace-law.com.