Who is your giving tribe? If your family had a crest, what would be your motto? Is there something else you wanted to do in life but haven’t?
These are only a few of the great questions Phil Cubeta shared during his inspiring presentation, Helping Boomers Hit Their Home Run Legacy. Using a baseball analogy, clients and donors can navigate the “bases” and ultimately create their desired legacy.
People want to pass money and values on to their children at their death. However, charitable organizations need money now. Many have to close their doors because they do not have the funds to maintain the organization. The good thing is, Boomers prefer to give while living, at least a portion of their wealth.
Phil walks us through how donors can give now, and later, and at death.
Philanthropic conversations begin at home, “first base,” where you decide how much is enough for you? It’s important to make sure that there is enough for you. You need to feel secure that you can live on whatever amount you decide upon.
Once that is determined, round to “second base” and decide how much is appropriate for your heirs. How much is too much? Only you can work this out, and your answer will change. The Legacy Spectrum has a great worksheet to aid in this process. Documents can, and should, be updated as situations change.
As you round to “third base,” you see what is left over (what you have minus what you want to leave your heirs). This is where you determine your charitable capacity. Is there a cause or organization that moves your heart, and what might you do to help them?
As you head towards “home base,” decide on the timing of your gift. Do you want to see changes in your lifetime? There are many charitable tools designed to help make your dreams become reality and help charitable organizations thrive today and after you are gone. Be sure to add the charitable organization as a recipient in your Will.
Remember, “Memories fade, remembrances remain.” – author unknown
Phil’s discussion, Conducting the Conversations of Philanthropy in Turbulent Times, was very informative. If you are interested in receiving a copy of his presentation, contact C3 at email@example.com.