Offering effective philan- thropic strategies can strengthen client relationships and provide real tax savings.
Some clients’ situations make them more receptive than others to a discussion about charitable giving. Here are three circumstances in which a philanthropic plan might be appropriate:
1. A windfall. When clients come into sudden wealth, they might be receptive to the topic of charitable giving, says Jo-Anne Ryan, vice president, philanthropic advisory services, with TD Waterhouse Canada Inc. in Toronto and executive director of the Private Giving Foundation. Those assets may have come through the sale of a business, an inheritance or even a lottery win.
2. Estate planning. When reviewing a client’s will, watch for any charitable bequests. If your client has directed a large amount of his or her estate to charity, Ryan says, make sure your client has made full use of the available charitable tax credits.
3. There’s no need for an inheritance. Clients who have no reason to leave a legacy to their families- either because their children are financially independent or they have no children – are often interested in including charitable causes in their wills. Talk to them about how they might leave some of their estate to a cause that is important to them.IE
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