Can your philanthropy do more than just help the cause or causes important to you? Yes, as many well-to-do but generous Americans can attest. If you are philanthropically inclined and have an appreciation “for things that matter most,” then why not bless your family as well as your charities through your legacy?
For most of us, our family is our most important and lasting legacy. Consequently, philanthropy can be what binds a family together and passes down real enduring values to the younger generations, all while doing tangible good today.
This is not automatic.
It requires more than estate planning, or even charitable gift planning, but what is called legacy planning. To give you a quick run-down and even a guide, you might consider the ten steps that formed the basis of a recent Private Wealth magazine article titled “10-Step Legacy Planning.”
The ten (by title alone) are:
1. Identify What Inspires
2. Create A Giving Mission Statement
3. Review Giving History
4. Engage The Next Generation
5. Research Non-Profit Organizations
6. Form A [Family] Focused Team
7. Decide Where To Give
8. Build The Strategy
9. Present Customized Recommendations
10. Implement The Strategy
Be sure to read the original article for the details on these ten steps. In the meantime, there is not time like the present to get started on the first step.
So, what “inspires” you?
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri) and to download free tools to help you organize your estate, visit my estate planning website.
Reference: Private Wealth (January 7, 2014) “10-Step Legacy Planning”