From the advisor's point of view, you would like to help clients be generous while not tying up their assets in case they are needed later. Here are several strategies you can suggest. (Photo: Shutterstock)
As clients get older, they often become more popular. They are collecting retirement income from a few sources. Their children left the nest years ago, and their expenses may have gone down. They get involved with a local charity, support the mission and want to do even more. The charity is thrilled. Where can you come into the picture?
Charities primarily look for deep-pocketed donors. Your client has assets. Sometimes the rationale is simple: “You have money. We need money. Therefore, you should give your money to us.”
Fortunately, your client has a range of ways they can help the charity. As an advisor, you don't want them to give away most of their assets. Their heirs might prefer to be on the receiving end. And circumstances might change down the road — they might need the money for long-term care expenses.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.