We all want to help our kids financially, but how much is too much? Businessman billionaire Warren Buffet was quoted in a 1986 Fortune article that, even if you had ample wealth, one should leave your kids “enough money so that they would feel they could do anything, but not so much that they could do nothing.” Bill Gates, Warren Buffett, and other philanthropists in the U.S. and abroad have pledged to give the majority of their wealth to charity. Through their inspiration, more than 200 … [Read more...] about How Much is Too Much?
Hardly a week goes by without news of yet another wealthy person giving away a large sum of money to a college, university, hospital, medical research facility, cultural institution, or any one of dozens of other institutions or causes. The very wealthy are giving gifts at an astounding rate. The top five Forbes 400 members including Warren Buffet, Stephen Mandel, and Mark Zuckerberg, gifted a total of $3.7 billion in 2010 and 2011. Clearly, many wealthy individuals view their legacy as more … [Read more...] about Philanthropy: Guiding Your Clients Towards a Lasting Legacy
What would a permanent repeal of the estate tax do to the nonprofit sector? At first blush, it might not seem like estate taxation and philanthropy have much of a link. But there’s a strong connection. Built in to the federal estate tax is a deduction for charitable bequests. Plus, charitable donations made during a person’s lifetime reduce that person’s taxable estate, also reducing the ultimate estate tax bill. Study after study has found that, because of the way charitable contributions are … [Read more...] about Philanthropy and the Estate Tax