“Creating A Charitable Masterpiece”
Situations in which charitable planning can play a role are infinite. The following example on "Getting the Most Out of Being Closely-Held" is meant to give a hint of how the colors might organize on the canvas to help a client paint a philanthropic masterpiece.
The fact pattern and suggested solutions are painted in broad brush strokes and designed to give an idea of how the charitable planning process might work and should not be read in the context of a definitive estate, tax or financial plan.
Getting the Most out of Being Closely-Held
John and Mary Smith are both in their mid-seventies. John used to be a professional wrestler in his youth, but when he met Mary, he gave up that life and went into the dry cleaning business. John and Mary have worked very hard to build a successful chain of dry cleaning establishments in the region called “Clean & Mean” ...
Solution:
Although there might be many options the Smiths could choose, a philanthropic planning solution to the problem helps them to accomplish all of their objectives ...
How Does the Plan Meet Objectives and How is it Structured?
By utilizing a CRUT and establishing a Supporting Organization or Donor Advised Fund, future generations of the Smith family will have the opportunity to carry on the rich legacy of philanthropy started by John and Mary ...
Conclusion:
The beauty of the process is surpassed only by the end result ...
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The Art of Charitable Planning - See:
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Legal Disclaimer
The information provided herein is for informational purposes only and should not be interpreted to constitute legal and/or tax advice. Donors and other interested parties should consult their legal and tax advisors regarding their specific situations.
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Copyright. The Forum of Regional Associations of Grantmakers 2000.
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