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Estate Planning News
Planned Giving And Legacy Planning
Is planned giving, or legacy planning, a growing practice with “silos” of expertise that do not yet communicate with one another in an optimal way? Yes, according to “Enhancing the Legacy Planning Field: An Environmental Scan With Preliminary Analysis,” prepared by Jeff Grossberg of Guidestone Consulting in Boulder, Colo., for Houston, Texas-based Inspired Legacies.
The 24-page report, which is based on interviews with 35 key influencers (donors, philanthropists, advisors and thought leaders in philanthropy), reveals that donors, fundraisers, philanthropic consultants, foundations and tax, legal and financial advisors all “understand philanthropy,” but their own interpretations of this understanding of philanthropy vary widely.
According to the report, the legacy-planning field is not as effective as it could be. “The field and other parallel interests have been slow to realize the potential impact sound legacy planning can have on benefiting both a family’s legacy plans and society in general, through increased philanthropic resources better aligned with donors’ interests and social needs.”
The report also found the following trends:
The desire to improve legacy planning resonates with many from all sectors, and can be seen taking form on a relatively small scale.
The critical factors to increase the scale of improved legacy planning still need to be addressed.
Generational differences also herald change as we move from measuring only money to measuring other indicators of value as well.
Donors will be taking more ownership of the process, and advisors responding to this will practice more donor-inspired planning.
The growth of community foundations, donor-advised funds and family foundations shows promise.
Inspired Legacies was formed in February 2006 with the intent to explore how to catalyze and communicate the best practices in legacy leadership. The complete text of “Enhancing the Legacy Planning Field: An Environmental Scan With Preliminary Analysis” is available on the Inspired Legacies website in PDF format at no charge.
Estate planning is a process to consider alternatives
Good estate planning is more than just a simple Will. Estate planning also typically minimizes potential taxes and fees, and sets up contingency planning to make sure your wishes regarding health care treatment are followed.
On the financial side, a good estate plan coordinates what would happen with your home, your investments, your business, your life insurance, your employee benefits (such as a 401K plan), and other property in the event you became disabled or if you die.
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Planned Giving And Legacy Planning
ommunicate with one another in an optimal way? Yes, according to “Enhancing the Legacy Planning Field: An Environmental Scan With Preliminary Analysis... Read more >
Definition:
A person or institution responsible for the management and distribution of property held in a Trust. The trustee has the authority to act according to the instructions provided in the trust agreement. See Fiduciary.
Probate
Definition:
The process through which the legal title to property is transferred from a decedent to the beneficiaries. If a person dies with a will (testate), the probate court determines if the will is valid, hears any objections to the will, orders that creditors be paid and supervises the process to assure that property is distributed by the Personal Representative or Executor according to the terms of the will. If a person dies without a will (intestate) the probate court appoints an Administrator who receives all claims, pays creditors, and then distributes all property according to the laws of the state.
Exemption Credit
Definition:
The amount of tax credit, similar in nature to the personal income tax exemption, applied to the transfer tax due at a person's death.
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