Phil Cubeta, planned giving expert and friend of the Foundation, shares four critical checkpoints, or bases, for you to consider as you plan your own legacy.
How much is left over?
Once we know what we need for ourselves at first, and after we have decided how much is enough for each heir at second, we are headed to third. On third we can compute charitable capacity by considering net worth as projected at death, and then subtracting what each heir gets. Along with charitable capacity, on third base me may also consider charitable tools. Some of these, like a charitable remainder trust or gift annuity, will provide income and, perhaps income tax savings at first, and will also provide estate-planning benefits at second. Giving to a foundation, which stewards charitable dollars, also provides tax benefits as well at first and second. Learn more about types of planned gifts.
Philip Cubeta, CLU®, ChFC®, AEP®, MSFS, CAP® is the Sallie B. and William B. Wallace Chair in Philanthropy at The American College. Phil Cubeta is responsible for the Chartered Advisor in Philanthropy® (CAP®) curriculum. Phil’s original training was in English Literature, Philosophy, and Psychology. He also holds the Masters of Science in Financial Services (MSFS) from The American College. He serves on the board of The National Association of Estate Planners and Councils.
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