Give now or in the estate? Helping wealthy clients set philanthropic priorities
Wealthy clients are increasingly adopting a hybrid approach to philanthropy, balancing immediate donations with planned giving in their estates. This shift allows for greater flexibility and tax benefits, as clients can set up donor-advised funds to support multiple charities. Advisors emphasize the importance of intention and family involvement in charitable giving decisions.
- ▪Clients are now opting for a hybrid approach to philanthropy, combining lifetime donations with estate planning.
- ▪Donor-advised funds provide immediate tax benefits and allow funds to be distributed to various charities.
- ▪The proportion of Canadians making charitable bequests has doubled to 10 percent in the past five years.
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Open this photo in gallery:Some wealthy clients are setting up donor-advised funds, which allow them to get an immediate tax benefit and have funds flow to several different charities.Deagreez/iStockPhoto / Getty ImagesShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountShould philanthropic clients make significant charitable donations in their lifetimes or in their estates? In the past, advisors presented planned giving options as an either-or situation. But today, more clients are opting for a hybrid approach.“Intention is the most important factor today – being clear about why you wish to give,” says Parvathy Nair, associate vice-president, charitable giving program for Solus Trust Company at Raymond James Ltd.
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