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Estate Planning News
Planned Giving And Legacy Planning
Is planned giving, or legacy planning, a growing practice with “silos” of expertise that do not yet communicate with one another in an optimal way? Yes, according to “Enhancing the Legacy Planning Field: An Environmental Scan With Preliminary Analysis,” prepared by Jeff Grossberg of Guidestone Consulting in Boulder, Colo., for Houston, Texas-based Inspired Legacies.
The 24-page report, which is based on interviews with 35 key influencers (donors, philanthropists, advisors and thought leaders in philanthropy), reveals that donors, fundraisers, philanthropic consultants, foundations and tax, legal and financial advisors all “understand philanthropy,” but their own interpretations of this understanding of philanthropy vary widely.
According to the report, the legacy-planning field is not as effective as it could be. “The field and other parallel interests have been slow to realize the potential impact sound legacy planning can have on benefiting both a family’s legacy plans and society in general, through increased philanthropic resources better aligned with donors’ interests and social needs.”
The report also found the following trends:
The desire to improve legacy planning resonates with many from all sectors, and can be seen taking form on a relatively small scale.
The critical factors to increase the scale of improved legacy planning still need to be addressed.
Generational differences also herald change as we move from measuring only money to measuring other indicators of value as well.
Donors will be taking more ownership of the process, and advisors responding to this will practice more donor-inspired planning.
The growth of community foundations, donor-advised funds and family foundations shows promise.
Inspired Legacies was formed in February 2006 with the intent to explore how to catalyze and communicate the best practices in legacy leadership. The complete text of “Enhancing the Legacy Planning Field: An Environmental Scan With Preliminary Analysis” is available on the Inspired Legacies website in PDF format at no charge.
A "Family Limited Partnership" can be used to own and manage your property
In a similar manner to a Trust, but allowing additional tax planning techniques to be employed. Family Limited Partnerships are typically used for those who have large estates and thus have a need for specialized estate planning in order to minimize federal and state estate/death/inheritance taxes as well as provide elements of asset protection.
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Definition:
A written document that provides instructions for disposing of a person's property upon the person's death. A will generally also names an executor or personal representative to handle the estate.
Fiduciary
Definition:
A person in whom one places great confidence in and upon whom one relies for his or her integrity, trust, and good faith. A fiduciary has the legal duty to act in the best interest and benefit of another and therefore is held to the very highest legal standards. A trustee is a fiduciary.
Family Limited Partnership
Definition:
A legal partnership agreement between members of a family for the management and control of property for the benefit of family members. Sometimes used to minimize transfer taxes.
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