Websters dictionary defines a philanthropist as, "A benevolent supporter of human beings and human welfare". Guess who this is? "Surrenders one-third their capital gains or 1/2 of their family wealth to support the general welfare of our country". The answer... A Taxpayer!
Do you want to contribute voluntarily and choose how to make an impact on society that is personal and important to you? Or do you want to contribute involuntarily (more than legally required) through the taxing authorities instead, allowing the federal or state government to make that choice for you?
You could do nothing in the way of estate planning and let more of your money go to the government than necessary—and it certainly will be distributed. But if you are like most of the people I advise, you believe that is not good stewardship, as it speaks nothing of your priorities and passions.
You can control the ultimate taxation of your wealth and the use of your wealth for social good. Whether you are a voluntary or involuntary philanthropist will be determined by your action or inaction. It is the skillful blending of these three dimensions in planning that produces powerful results that will motivate and guide us to succeed in creating a lasting legacy for our loved ones and the charities on your heart.
This Is True!
You can pass on the entire value of your family’s wealth to your heirs without paying any
Estate Taxes. You can sell your appreciated assets and not pay a dime in Capital Gains Taxes and the IRS will give you an additional current income tax deduction. Through this process you can create an income you can never outlive. And, you can become a multimillion dollar philanthropist and support the causes you really care about without reducing your lifestyle or your family’s inheritance.