Charitable Planning: Attitudes and Strategies

Opiela, Nancy
August 1998
Journal of Financial Planning;Aug1998, Vol. 11 Issue 4, p56
Academic Journal
This paper offers a look at how planners discuss charitable planning with their clients and the specific strategies they are using. While it is easy to discuss with clients which charities to give to on an annual basis, planners report that conversations about using tools like the charitable remainder trust are more difficult. Two myths of estate planning seem to get in the way. The first is that everyone must pay estate taxes. Another is that if one leaves a large amount of money to charity, by definition, they will leave less to their children. Greg Garvan, who founded Money with a Mission in Newton, Massachusetts, focuses his practice on charitable planning and socially conscious investing. While he sees his first responsibility as dealing with clients' financial issues, Garvan also makes them aware of his biases and interests, which include charitable giving and social screening. Robert W. Tull Jr. of R.W. Tull & Associates in Richmond, Virginia, describers a win-win situation in which he transferred a portion of highly appreciated stock, which made up 80 percent of his client's estate, to a charitable remainder trust. Madeline Noveck of Novos Planning Associates in New York City, points out that a donor-advised communal fund such as the New York Community Trust and the Jewish Communal Fund can work as a private foundation without the administrative costs. The beauty of this, according to Noveck, is that one separates the giving decision from the sell decision on the asset. While clients must often go through an educational process to understand the true benefits to charitable vehicles, the same thing can happen for planners.


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