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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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Estate And Gift Taxes
Generally, you do not need to file a gift tax return unless you give someone, other than your spouse, money or property worth more than th... Read more >
Definition:
Property owned by two or more people in a manner such that upon death of one of the joint owners, all of his/her interest in the property is transferred immediately, by operation of law, to the other surviving owners.
Probate
Definition:
The process through which the legal title to property is transferred from a decedent to the beneficiaries. If a person dies with a will (testate), the probate court determines if the will is valid, hears any objections to the will, orders that creditors be paid and supervises the process to assure that property is distributed by the Personal Representative or Executor according to the terms of the will. If a person dies without a will (intestate) the probate court appoints an Administrator who receives all claims, pays creditors, and then distributes all property according to the laws of the state.
Devise
Definition:
A gift made by a will or a trust. A devise is made to a beneficiary under the terms of the will or trust.
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