At this exclusive event, Phil Cubeta helped us think through the dynamics associated with Philanthropic Planning for Closely Held Business Owners in Transition from Success to Significance.
In our facilitated peer to peer conversation we discussed a particular case study we called, “Meet the Rileys.” How would you plan for the Rileys, age 70 and 69 with an S-Corporation, worth $18MM, who say to you that they want to leave 25% of their $20MM estate to charity, 75% to heirs, and zero to the IRS? What are the estate tax, income tax, business exit, and family issues that would come to your mind? What skill sets other than your own might be required? What role would you play in convening a team? Who do you know like the Rileys? Do you see opportunities to do more with them in their legacy planning?
These questions and more spurred an informative and dynamic discussion of the factors to consider in properly advising a family such as the Rileys.
Philip Cubeta, MSFS, CLU®, ChFC®, CAP®, is the Sallie B. and William B. Wallace Chair in Philanthropy at The American College of Financial Services where he directs and teaches the Chartered Advisor in Philanthropy® (CAP®) curriculum.
Essays by Professor Cubeta on philanthropy have appeared in Nonprofit Quarterly; Tracy Gary’s Inspired Legacies (Wiley and Sons: 2008); H. Peter Karoff, The World We Want: New Dimensions in Philanthropy and Social Change (Altimira Press: 2007); and Amy Kass, Doing Well Doing Good: Readings for Thoughtful Philanthropists (Indiana University Press: 2008). He has been quoted in, or been the subject of, articles in The New York Times, The Journal of Gift Planning, Lifestyles Magazine, Financial Planning, and the Financial Times.