Estate Tax Does Not Matter When It Comes To High Net Worth Giving

Posted on October 29, 2012 by thecomplexestate

This year’s  2012 Bank of America Study of High Net Worth Philanthropy was released and the findings were impressive and interesting.

Some of the key findings were:

Key Findings from Bank of America Study

There is a continued strong commitment to giving amongst the wealthiest donors.

Volunteerism is on the rise up over 10% from 2009.

Wealthy donors are motivated to give even if the estate tax or income tax reductions are reduced.

Wealthy donors have strong feelings about how the nonprofits they support should use their contributions and conduct themselves.

In addition, they have very little confidence that the government can solve societal or global problems.

The findings are in sync with what we see in our work with high net worth clients at InKnowVision. Advisors should be engaging in conversations about philanthropic giving with their high net worth clients. It is meaningful and important. It is an area of the advanced planning process that they control and can have a positive outcome.

Kim Hamilton

InKnowVision

Filed under: Advanced Estate Planning, charitable planning, philanthropy | Tagged: , , , | Leave a Comment »

Difficult Conversations

Posted on June 19, 2012 by thecomplexestate

It is difficult for clients to talk to their children about the family’s wealth.  However changes in generational behavior and each generation’s own needs are bringing that conversation to the table as the new US Trust 2012 survey reveals. 

We have all heard stories about having to take a parent out of their homes kicking and screaming in order better manage their health and safety. Then there are stories about disinherited children, picking so-called favorites and leaving more money to charity than to family members.  The tides are shifting to more purposeful planning and the economic climate has a lot to do with it.

So much has impacted one’s net worth today. Just read the newspapers and you’ll see that people have lost over 40% of their net worth. The younger generation is not holding back in seeking advice on how to best plan for their future. They have a feeling that they will be left bearing the brunt of ill prepared parents and needy children.

Alternatively, boomers are not creating comprehensive plans. While they describe themselves as very private people, they believe that their wills are adequate for their planning needs. Has any one informed them that a will is a public document?

Advisors need to think about how they are communicating with their clients and prospects. There’s a lot more on the minds of the high net worth these days. Getting them to share some of what is keeping them up at night can open the door to endless possibilities.

We agree with a lot of the survey’s findings and would like to hear what you are experiencing when working with a high net worth client.

Kim Hamilton

InKnowVision, LLC

Filed under: advanced tax planning, High Net Worth | Tagged: , , , , , | Leave a Comment »

Philanthropy – Education Tool For The Next Generation

Posted on May 29, 2012 by thecomplexestate

Do you know that….

HNW Families struggle with issues of wealth transfer
Lack of knowledge leads to discontent among next-gen 
Many next-gen are creating their own wealth or involved in entrepreneurial ventures
Advisors increasingly serve as “quarterbacks”

In a study released May 7 by Morgan Stanley Private Wealth Management and Campden Wealth found despite their high level of wealth, most respondents said they took an informal approach to educating their children about money, focusing on budgeting, asset allocation and getting to know advisors. The report noted wealthy families frequently use a primary advisor as a “quarterback” to execute plans and coordinate efforts between other advisors.

Tom Brady

They noted that philanthropy is a popular way for families to teach their children about wealth. The report found 73% of next-generation parents and 56% of older-generation parents use philanthropy to teach about wealth.

We concur with these findings.

When it comes to managing their wealth, 19% of parents from the next-generation group and 18% from the older generation agree that wealth management should be left to the experts, while their children focus on their careers. Over half of the older-generation parents said their children should find a balance between managing wealth and focusing on their careers. None of the respondents said they wanted their children to focus solely on managing the family wealth.

Nearly half of the next generation will look to advisors for education. What an opportunity!

For those of you who were wondering what other value add services you could add to your clients’ relationships it might be filling the need of basic financial and estate planning educational workshops for adult children and in some instances grandchildren which could include how to buy their first home, the ins and outs of credit cards, how to plan for an inheritance, what is charitable planning, for example. This program series could taught by rotating professional advisors throughout the series so younger generations can get an introduction to several of the family’s advisors over time in turn building trust and relationships.

Educate, don’t sell to a HNW client, by filling the need, doing it with precision and being purposefully collaborative when you execute.  You will find the entire process extremely satisfying.

Kim Hamilton

InKnowVision,LLC – Advanced Planning for the High Net Worth

Filed under: Advanced Estate Planning, Legacy Planning, philanthropy | Tagged: , , , , , | Leave a Comment »

Charitable Planning and Advisors In Philanthropy

Posted on April 19, 2012 by thecomplexestate

InKnowVision takes the approach that every high net worth client and their advisors should know about charitable planning and its impact on estate planning, advanced tax planning and personal planning goals.

Not every high net worth client has charitable intent, at least not in the beginning. Although through education we can change that.  When clients can see how to maximize opportunities while minimizing dangers with advanced estate planning, the results speak for themselves.

 

 

 

 

 

 

 

 

 

We are at Advisors in Philanthropy annual conference this week supporting 185 advisors and charities in meeting their goals and mission:

  • To inspire and educate advisors, helping them make philanthropic planning with their clients an integral part of their practice
  • To create a unique network of support through collegial relationships among an intentionally diverse spectrum of professionals attracted to membership in our organization
  • To promote the highest ethical standards in philanthropic planning

Isn’t it about time you helped positively impact the life of your clients and their families through charitable planning?

Hope to see you next year.

Kim Hamilton

 

 

Filed under: Advanced Estate Planning, charitable planning, Estate Planning for Art, gifting, philanthropy | Tagged: , , , | Leave a Comment »

Advisors In Philanthropy Does It Right

Posted on March 30, 2012 by thecomplexestate

Join Us and Advisors In Philanthropy

The International Association of Advisors in Philanthropy builds philanthropic capacity through collaborative programs and projects that unite financial advisors, charitable organizations, foundations, donors, and wealth planners in a common goal.

For the sixth year in a row and almost from the beginning of AIP’s launch, InKnowVision has been a proud sponsor and supporter. We serve many of its members.

Through our planning and with the help of our client’s advisors InKnowVision has placed over a billion dollars in current and future charitable gifts. We feel charitable planning plays a critical role in today’s advanced estate planning and our clients’ lives.

We encourage you to join AIP and learn how you can help make a difference in the charitable goals of clients today.

Filed under: Advanced Estate Planning, charitable planning, philanthropy | Tagged: , , | Leave a Comment »

Why Volunteering Matters

Posted on September 21, 2011 by thecomplexestate

Millions of us donate our time and money to worthy causes. We rarely share our volunteer efforts with others. In a universe where helping others matters, it pays to share how you are leaving your foot print on the world. High net worth clients appreciate the work we do outside of our core service offerings.

Thanks to our friends at Linkedin we can now highlight our Volunteering and Causes. Do yourself a favor and add your volunteering to your profile today. It could be the difference in a high net worth client hiring you.

Sample Profile

Filed under: Advanced Estate Planning, Business Succession Planning, Business Transition Planning, charitable planning, Estate Planinng, High Net Worth, High Net Worth Insurance Planning, Legacy Planning, philanthropy | Tagged: , , , , , , , | Leave a Comment »

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