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Wealth Management Services: Philanthropy and Charitable Giving

Your success creates a multitude of opportunities for yourself and your family. It also creates an opportunity to support the charitable, educational and civic endeavors that are dear to you and reflect your values. Whether you are looking for a place to begin or want to move your personal philanthropy to the next level, PFS can help you develop an effective charitable giving strategy.

Benefits of charitable giving

Philanthropy not only impacts the communities and organizations you support, but can help to strengthen your family values, positively influencing how children and grandchildren view, respect and handle wealth. For many, leading by example, empowering others and having a positive impact on the world around us creates a sense of balance and fulfillment.

Philanthropy can not only help you execute your charitable intent, but it can also strategically help you with your overall wealth management and planning.

Unfortunately, many well-meaning Americans support charities inefficiently, without a structured giving strategy. This can result in missed opportunities or unwanted tax consequences. Structured properly, charitable giving can help you achieve a number of financial goals, including:

• Reducing taxes on current income
• Minimizing estate taxes
• Providing for retirement income while giving to charitable organizations
• Increasing personal fulfillment today
• Transferring wealth to the next and future generations

Whatever your philanthropic motivations and goals, the experienced charitable giving specialists at PFS can help you implement an effective, long-term strategy that will save you significant time and labor. You can rely on PFS to help:

• Define and articulate your goals
• Explore options and strategies
• Develop a plan to maximize the tax advantages of charitable giving
• Help you continue to build philanthropic assets to maximize your gifting ability and
  minimize your tax liability
• Determine how much to give and which assets to use
• Develop a strategy to engage family or friends in the giving process
• Implement strategies that give you as much or as little control as you desire
  over establishing and administering your giving program
• Facilitate all aspects of your giving strategy, including grants
• Ensure your strategy is a fully integrated feature of your wealth plan

Philanthropic vehicles include:

Direct Gifts – Typically substantial one-time or annual gifts to a foundation, religious organization, museum or other charitable or non-profit organization

Donor Advised Fund – Flexible charitable giving vehicle with benefits similar to a private foundation, but without the administrative burden

Charitable Remainder Trust – Provides income for the remainder of the donors life, creates a current charitable deduction and leaves the remaining assets to their chosen charity(ies).

Charitable Lead Trust – A way to benefit a charity today and move assets to your heirs with little or no gift/estate tax.

Supporting Organization – A vehicle used to support a specific public charity

Charitable IRA – Uses the donor's IRA to benefit charity today while avoiding a current taxable distribution

Family Foundations – A complex charitable giving entity that gives a donor and his family complete control over their charitable giving. A private foundation can better incorporate other family members, insulate family members from direct solicitation and create an ongoing family legacy

While there are many ways to give, it is important to seek professional guidance to ensure you're maximizing the tax advantages available to you and not creating undue tax consequences or administrative burdens for yourself or your family. At PFS, we're prepared to help you structure your legacy the right way.

Make a difference — your way.

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