When it comes to estate planning all too often we focus on who gets what, asset protection and preservation, and avoiding or minimizing taxes. Too many forget to focus on is what really matters: imparting your values to your loved ones and using your wealth and generosity to benefit others. A mentor once defined “philanthropy” as the art of giving away someone else’s money. While there may be some truth to that statement, the fact is that everyone who reads this can direct their own philanthropic legacy. Given the current pandemic and possible changes in tax laws, many are reconsidering their estate plans and agree that charitable giving is more important now than ever. In a recent panel discussion regarding Charitable Pledges and Life and Legacy Planning one of the core take-aways was that communicating your values to a spouse, children, grandchildren, other loved ones and advisors is essential. Most people are uncomfortable talking about money and charitable giving. We must “get over it.” Who will teach your children and grandchildren? Over one trillion dollars will be transferred with the passing of the next generation. Without proper planning, large portions of those transfers will go to taxes or to unintended beneficiaries. Estate planning attorneys, accountants, financial advisors and charitable organizations are available to help you with your planning. For more information and to answer your questions contact Joel Arogeti at 404-467-7511 or jarogeti@rhphllp.com or Bruce Gaynes (404) 467-7526 or bgaynes@rhphllp.com.
