When it comes to protecting and preserving your wealth, incorporating philanthropy into your financial plans is a great way to create a lasting legacy. Here are some tips and tricks to help ensure your charitable legacy lives on:
Establish A Charitable Trust
One way to help ensure that your wealth is used for good after you are gone is to establish a charitable trust. This type of trust allows for the selection of a trustee responsible for managing and distributing funds based on the terms set forth by the donor. This strategy helps protect your wealth from taxes, as well as provide more control over who receives what and when.
Choose The Right Beneficiaries
When creating a charitable legacy, it is important to choose the right beneficiaries. Consider selecting an organization that you have had a personal connection with in order to help ensure that your funds are used efficiently and for maximum impact. You can also work with wealth management professionals to identify organizations that align with your values and interests.
Incorporate Philanthropy Into Your Investment Strategy
Aside from establishing a charitable trust, you can also incorporate philanthropy into your investment strategy. Investing in companies that focus on social and environmental issues is one way to help ensure that your money is put toward causes you care about. Consider researching public charities or working with an ethical wealth management firm to develop a portfolio of investments that will have a positive impact.
Create A Plan For The Long-Term
When creating a charitable legacy, it’s important to have a plan for the long term. Consider setting up a system of annual or multi-year gifts that will be distributed over time. This allows you to keep track of your investments and helps ensure that your funds are being used in accordance with your wishes.
Utilize Estate Planning
Estate planning is an essential part of any financial plan, and even more so when creating a charitable legacy. Working with a qualified attorney to establish an estate plan helps ensure that your wishes will be carried out in the event of your death or incapacity. This includes defining how your assets will be distributed and who will be responsible for managing them.
Having an estate plan in place gives you confidence that your wealth may continue to benefit others even when you are no longer around. It also helps ensure that all taxes and legal obligations have been taken care of so that there are no surprises along the way.
Have A Contingency Plan
Having a contingency plan in place is critical when it comes to protecting and preserving your wealth. This includes having a backup plan for what will happen if the funds you’ve allocated for charity don’t reach their destination or if the organization doesn’t use them as you intended. Working with an experienced attorney can help you ensure that all legal issues are taken care of and that your wishes will be honored.
Talk to a financial advisor
Creating a charitable legacy is a great way to help ensure that your wealth is used for good after you’re gone. Taking action now can help make sure your legacy lasts for years and decades to come. That’s why it’s important to work with professionals who have expertise in legacy planning. Our team of experienced advisors at Robert Emmer with Silversage can help guide you through the process and provide the support you need to make informed decisions.
Our goal is to provide you with financial confidence to relieve your stress and worry. Together, we can create a legacy that safeguards your assets for generations to come.
Start taking steps towards building a secure financial future today. Contact us to know more!
This information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of the author, and not necessarily those of Raymond James. Every investor’s situation is unique and you should consider your investment goals, risk tolerance and time horizon before making any investment. Investing involves risk and you may incur a profit or loss regardless of strategy selected. Be sure to contact a qualified professional regarding your particular situation before making any investment or withdrawal decision. This material is for general information only and is not intended to provide specific advice or recommendations for any individual.
Financial and investment planning inherently involve potential tax and legal implications, with which we are generally familiar. We do not, however, practice as lawyers or CPAs and cannot give specific legal or tax advice. You should always consult with your tax advisor, or your attorney, when making complicated legal or tax decisions, however, we’re glad to work with your tax or legal professional to help you meet your financial goals. Raymond James financial advisors do not render advice on tax or legal matters. Please be aware that there may be substantial fees, charges and costs associated with establishing a charitable remainder trust.