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Charitable giving can play a very important role in planning for the future of the family and the family business.  Planning for the continuation of the family business is a way of leaving a legacy for the future. Leaving behind a thriving business for the benefit of your family, and your employees and their families, is a very worthwhile objective. Including charitable giving in you planning provides a way to leave a second legacy – to your community and perhaps the world.

Philanthropy accomplishes a number of things. It provides the individual with the satisfaction of helping others. Generosity has its own rewards – serving as a model of generosity for children, grandchildren, and other family members also has its rewards. Involving the family in the operation of a family charitable foundation or a donor advised fund is a tremendously satisfying way to instill charitable motives in other family members.

Another very important benefit of charitable giving is financial – in the form of tax savings and incentives. Sometimes, including charitable gifting in business planning results in substantial financial gain over other planning techniques.

There are various tools and techniques available for charitable planning, including:

  • The Charitable Buy-Sell Arrangement
  • Charitable Family Limited Partnership
  • Charitable Remainder Trust
  • Charitable Lead Trust
  • Private Foundations
  • Donor Advised Fund

We believe it is important to discuss charitable planning with your family business clients. By helping them you can accomplish a lot of good in the community and provide a rewarding experience for your clients. You will set yourself apart from other business advisors since very few of them include charitable planning in their work with clients.

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