As part of providing tailored solutions for clients, we work with them to ensure their estate plan reflects their values. We explore with the client what they wish to achieve by giving and advise clients on the range of ways in which they can support charities by donation, planned gifts/legacy, donor advised funding and private foundations.
We have seen a move toward a more strategic approach to philanthropy by clients keen to ensure that the funds they provide have the intended consequences. They are more strategic in their approach, engaging in new ways of giving such as through impact investing. We have also seen a trend toward “giving while living” with many clients choosing to give in their lifetimes so they can participate in and enjoy the results of their giving.
Engaging in philanthropy as a family provides an opportunity for families to discuss and identify their shared family values. It can also provide an opportunity to gradually educate and engage children in respect of the family wealth or family business in a positive manner and giving as a family can be hugely rewarding and we work with clients and their families on this journey.