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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 Will, is sometimes called a "Last Will and Testament"
Used to transfer property you hold in your name to the person(s) and/or organization(s) you want to have it. A Will also typically names someone you select to be your Personal Representative (or "Executor") to carry out your instructions and names a Guardian if you have minor children. A Will only becomes effective upon your death, and after it is admitted to probate.
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Definition:
Legally unable to manage one's own affairs due to mental disability. This may be temporary or permanent.
Gross Estate
Definition:
The value of an estate before the debts are paid. In California Probate statutory attorneys and personal representatives fees are usually calculated based on the gross value of the estate, so that the value of the home is calculated before deducting the amount due on the mortgage.
In-Terrorum Clause
Definition:
A provision of a will or trust that disinherits a person in the event that he/she challenges the terms of the will or trust. Sometime called a No-Contest Clause.
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