Top Tools for HNW Philanthropy
Summary
As explored in our recent webinar on top tools for high-net-worth philanthropy, Foundation Source Senior Managing Director Josh Stamer was joined in the conversation by Corient Capital Partners’ Darren Henderson, who shared that philanthropic planning is one of the first topics his firm brings up with clients. Private foundations also offer a more extensive toolkit for pursuing philanthropy, as well as more control over the investment strategy— and they do not require liquidation of complex assets in order for the donor to give. It’s important to have the right team in place As with many matters of financial and estate planning, input from a range of professionals is required to successfully execute a philanthropic strategy that achieves a family’s charitable giving and legacy goals, takes advantage of all available tax benefits, and is sustainable over time. A CPA, for instance, can help a family determine the exact dollar amount (typically not a round number) that they can contribute to stay within the 60% limits for a DAF or 30% for a private foundation. As an advisor, you’ll want to connect with your client’s tax attorney, accountant, and trust and estate specialist—as well as with an organization, like Foundation Source, that has expertise in setting up the chosen charitable vehicle.
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