The Giving Identity Crisis

Group of businesspeople hiding their faces behind question mark signs at officeEven the feelings about philanthropy shift by demographic.

By Randy Fox
Ez Charitable

While it may seem obvious when looking for planned gifts, who you’re talking to is really important. That is, the client’s age and their gender should help you craft your conversation for a number of reasons.

MORE: Life Change As Opportunity | Opportunity Under Your Nose | Opportunities in Collectibles | TRPIF Is One of the Best Kept Secrets in Planning | 1031 and Done: What CPAs Need to Know about the New 1031 Changes
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Women are different than men in their giving and younger people are different than older people in how they approach their giving. It is important to create a different message depending on who you’re talking to about giving. Much has been written about how millennials are reshaping giving and, as advisors, we should be paying close attention to our approach to different populations.
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Life Change As Opportunity

Senior businessman mentoring two younger workersEven traumatic times may open a window to be a hero to your clients ... with sensitivity, of course.

By Randy Fox
Ez Charitable

Life is always full of change. As advisors, we see our clients go through regular changes: new jobs, children heading off to college, death of a parent or birth of a grandchild.

MORE: Opportunity Under Your Nose | Opportunities in Collectibles | TRPIF Is One of the Best Kept Secrets in Planning | 1031 and Done: What CPAs Need to Know about the New 1031 Changes
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Viewed through a different lens, change presents opportunity to raise the questions about philanthropy. In many circumstances, philanthropy can be the best solution to the change that’s taking place, if only we will think to ask.
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Opportunity Under Your Nose

Two volunteers serving meals at a shelterSurvey results show they want to be asked and guided about their passions.

By Randy Fox
Ez Charitable

One of the many ways to explore the charitable leanings of a client is to find out what they care about in the world.

MORE: Opportunities in Collectibles | TRPIF Is One of the Best Kept Secrets in Planning | 1031 and Done: What CPAs Need to Know about the New 1031 Changes
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An easy entry into the conversation is to ask where they volunteer their time. True that parents often volunteer to coach their kids’ teams or serve on the PTA at their schools but above and beyond that, there is likely to emerge a pattern of giving time that will lead to a larger pattern of giving money and can open the conversation about more substantial gifts.
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Opportunities in Collectibles

Man assessing classic carDonations and even inheritances can be complicated.

By Randy Fox
Ez Charitable

It is estimated that 30 percent of families with a net worth exceeding $10 million collect something – be it art, antiques or classic cars. Often referred to as “passionate assets,” they represent both a challenge and an opportunity for advisors and their clients.

MORE: TRPIF Is One of the Best Kept Secrets in Planning | 1031 and Done: What CPAs Need to Know about the New 1031 Changes
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Many enthusiasts don’t think of their collectibles as they do other assets – these items are loved, cherished and coveted. They hold a meaning and identity that is incomparable to their economic value. They are often ignored in the planning process and in discussions with professional advisors.
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TRPIF Is One of the Best Kept Secrets in Planning

Businessman talking with older coupleThey're like CRTs, but with more flexibility.

By Randy Fox
Ez Charitable

The best kept secret in planning has only been around since 1969.

Best kept secret? What do you mean?

ALSO: 1031 and Done: What CPAs Need to Know about the New 1031 Changes
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How about a strategy that completely eliminates capital gains tax, provides a gigantic income tax deduction, distributes all its income (maybe for three generations) and is completely legal. And, by the way, if you’re the advisor managing the family’s money, you get to keep doing that.
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1031 and Done: What CPAs Need to Know about the New 1031 Changes

Three ways to help your clients: Flip CRUT, PIF, and installment sale.

By Randy Fox
Ez Charitable

One little-discussed change in the new tax law is the broad changes to code section 1031 and the impact it will have on your clients who own collectibles.

The provision that allows like-kind exchanges for similar types of property has been amended to eliminate exchanges for anything other than real property. This will present many opportunities for the giving of tangible and intangible personal property for the CPA that becomes familiar with the new rules.

When it comes to giving advice about philanthropy, CPAs are at the top of the list, according to the U. S. Trust Survey of High Net Worth Individuals. READ MORE →