Kylie Ruschioni participated in a panel discussion on the topic of philanthropy. The event, called “The Philanthropy Talk: How Do I Do It…and Why Do I Have To,” was a partnership with The Boston Foundation, The Philanthropic Initiative, Massachusetts Society of CPAs, and the Boston Estate Planning Council. Panelists discussed strategies for speaking with clients about their philanthropic objectives.
The program reaffirmed the power of conversation and how important it is to proactively discuss philanthropy with our clients. Some key takeaways from the panelists include:
- When speaking with clients, it’s helpful to balance technical information (such as tax consequences and giving vehicles) with their personal motivations for giving.
- Philanthropy can be introduced as a menu of options: You can direct your wealth in four ways: 1) spend it, 2) leave it to loved ones, 3) let it go to the government, and/or 4) invest in the community (and this specific terminology was suggested over “giving it away”).
- Each client is a data set of just one – clients turn to their advisors to learn how other families manage their philanthropic endeavors.
- Discussing philanthropy can be a great way to draw out a partner who is less motivated by traditional financial planning.
- For clients who have philanthropic aspirations but hesitate to act because of the fear their gift won’t be used effectively, due diligence, site visits, and gift agreements can help alleviate their concerns.
- Based on the experience of our panelists, it seems that in general, HNW clients are not planning to reduce their giving in the wake of the 2017 tax reform.
Please contact Kylie or another member of your JDJ team if you’d like guidance on the most effective ways to achieve your charitable goals