Talking to Clients about Charitable Giving

It has been estimated that an estimated $41 trillion or more will change hands in the US by the year 2052. This is an unprecedented intergenerational transfer of wealth. There is a growing opportunity for lawyers, estate planners, financial advisors, bank trust officers, accountants and other professionals to engage their clients in conversations about charitable giving.

Reasons to Talk to Your Clients about Charitable Giving

It expands the menu of services available to your clients, increasing their level of satisfaction with you and your services.

It adds to your areas of expertise as a professional advisor.

It increases the potential for new referrals and opens the doors to many new clients.

Many of your clients are searching for a way to give back to society, to memorialize a loved one, or simply to do good.

Discussing philanthropy with your clients can be done unobtrusively, in a way that respects their privacy, values and autonomy.

The Active Approach to Charitable Planning is Good for Business

Not only is it good for society, but talking to your clients about philanthropy is simply good service to them. Many individuals are searching for ways to find meaning in their wealth, to give back or share their good fortune, to leave a legacy of value, or to honor a loved one’s passion. Taking an active approach builds deeper, richer client relationships, enhances client loyalty, and results in better service.

A community foundation is typically a 501(c)(3) public charity that exists to promote philanthropy in their region. Generous donors and corporations create individual Funds that are often simpler, cheaper, and more tax-efficient alternatives to private foundations. Donors of all sizes can benefit by doing their charitable giving through a community foundation, but they are particularly valuable tax tools when contributing highly appreciated real estate, closely held businesses, and other non-cash assets.