Philanthropy Planning

How We Help Clients

For many people, incorporating philanthropic or charitable giving into their financial plan is a significant concern, but many are unsure how to proceed. As part of our ongoing planning process at Altermann Fuller Ltd, we can help you find the best ways to give. It may be as simple as writing a check to your chosen cause, or it may need more complex vehicles putting in place to make distributions from retirement plans or the use of trusts.

Children and grandchildren

As a parent or grandparent, being able to help your loved ones to make their lives less financially difficult is a blessing. Whether it is to cover mortgages, car payments, educational costs, or other expenses, if the thought of being able to ease their burden is something you have been considering or would like to explore, it is time to look more closely at the process of gifting.

Starting to transfer wealth now, rather than as part of your estate, can also be beneficial in a number of other ways. It can reduce your inheritance tax liability, simplify your estate, and perhaps, much more importantly, you can enjoy seeing the benefit your gift has on the lives of your loved ones.

We can help you organize your charitable ambitions from both a financial and estate planning perspective as part of your overall long-term financial plan.

Creating or updating an estate plan

There are many understandable excuses that people use to delay sorting out their financial affairs and preparing for their inevitable death. Some simply believe acknowledging death will bring it closer to reality or believe that tomorrow is a better day to face it than today. Those that have made plans rarely revisit them unless provoked, often by an external event such as the death of a friend or loved one.

Not having an up to date plan in place can increase the burden placed on your family when they need it least - when they are grieving. It can also lead to much higher tax demands on your beneficiaries and your family being left with fewer financial resources than would otherwise be the case if your estate plan had been regularly reviewed and updated.

In reality, estate planning is not as daunting as you may think. Altermann Fuller Ltd has the experience to break it down into simple terms and help you ensure that the people you care about the most are taken care of after you are gone.

Foundations

There are thousands and thousands of charitable foundations set up around the world that were established to benefit many different causes. Some you may have heard of such as the Wellcome Trust or the J. Paul Getty Trust, and some you probably won't have despite their size, such as the Danish Novo Nordisk Foundation, which is valued at around $50 billion.

While these are massive foundations, if you have the desire to help others, you do not need to be a billionaire. There are lots of international foundations you can contribute to - or you can start your own.

The day to day management of a foundation takes both time and money, and Altermann Fuller Ltd can integrate your foundation into your overall long-term financial plan.

Giving to a good cause

While it is said that money can't buy you happiness, plenty of research has shown that charitable giving does increase your sense of well being and ultimately make you a happier person.

Before you make any substantial commitment, it is worth reviewing your finances to determine what you can comfortably afford to give without diminishing your quality of life.

Whether you're making a one-off gift or embarking on a long-term commitment, there will be tax implications to consider. Before any firm decisions are made, you should consult with your advisors and your loved ones. A large donation now may have consequences for your estate or potentially leave your heirs with an unexpected tax liability.

Including your family and heirs in your charitable and philanthropic planning ensures that everyone understands and appreciates your plans and that your legacy will continue to benefit others in perpetuity.

Religious Gifting

Religious organizations are one of the leading beneficiaries of private donations. If a gift of this type is in your plans, you will likely already know which organization you wish to give to. However, this doesn't mean that you can go ahead a write a big check straightaway. There is a process to follow to prepare financially, and by discussing this, we will help you determine the right amount you can give.