Your Financial Legacy: To Give or Not to Give?

Your Financial Legacy: To Give or Not to Give?

Q: What are some reasons clients want to give to charities?
A: They are passionate about making an impact on what is important to them. There is also a large number of clients who would like to leave a charitable legacy, but don’t know how, or if, they have the perceived means. It is important to understand you do not have to be a millionaire to make an impact.

Q: What concerns do clients have about charitable giving?
A: When I start a relationship with a new client, sometimes they are justifiably concerned they could outlive their money. They don’t believe they can leave a legacy. But once we have a clear picture of what their financial future could look like, we start having practical conversations about how they could start shaping their legacy. Clients have also expressed concern that there won’t be enough money for their children to inherit if a charity is included in the client’s legacy plan. However, there are many avenues that could provide for retirement needs, leave an inheritance to family members, and leave gifts to a charity.

Q: Who needs to be involved in charitable planning?
A: There is no one-fit solution. That means a financial advisor, CPA, and – often – estate attorney work together to create the most beneficial legacy plan. With the right team in place, you may be able to maximize your giving and make a bigger impact with your legacy than originally intended.

Q: Why is giving back important to Fiega Consulting?
A: I want to do my share of leaving the world a better place. Before I retire from Fiega Consulting, one of my personal goals is to help clients give an excess of $250 million in bequests to nonprofits. Our company also assists an immediate need by sponsoring a two-bedroom apartment at Coburn Place. There, a family is able to live safely and rent-free while they learn how to be survivors of domestic violence.

This article was originally published in Kit magazine, November/December 2019.

Fiega Consulting and LPL Financial do not provide legal or tax advice.  Please consult your legal or tax advisor regarding your specific situation.