Wealth Your Way Podcast: Charitable Planning - When Fortune Smiles on You, How Do You Smile Back?

Josh Miller, CFP®
2018-11-27 14:00:00.0

If there are causes you feel strongly about that you wish to support financially, charitable giving is likely an important consideration when setting your near- and long-term financial goals. While donating money to your favorite charities can be as simple as writing a check, there are various other options available to you for making charitable contributions that may reduce your current and...

If there are causes you feel strongly about that you wish to support financially, charitable giving is likely an important consideration when setting your near- and long-term financial goals. While donating money to your favorite charities can be as simple as writing a check, there are various other options available to you for making charitable contributions that may reduce your current and future tax obligations and create a legacy of philanthropic giving. 

Strategic charitable planning allows you to establish a family legacy and pass your values on to future generations while potentially reducing the eventual taxes owed on your estate. Your plan depends on the type of assets you wish to distribute, your desire for control over how your assets are deployed, and the administrative oversight you and your family are willing to take on.  Whether you prefer a passive approach or want to be heavily involved in supporting your philanthropic causes, understanding the nuances of charitable giving can help you develop a long-term strategy that not only achieves your philanthropic goals but also aids your estate planning objectives.

 

 

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Josh Miller is a managing director and senior wealth strategist in CIBC Private Wealth Management's Boston office. Josh has 15 years of industry experience, counseling high net worth individuals, corporate executives, closely held business owners and multinationals on sophisticated estate plan designs and strategies. He works directly with clients and their advisors to create integrated estate plans, guide client families in evolving a healthy wealth culture and find solutions to develop the rising generation, all part of CIBC Private Wealth Management’s integrated wealth management process.