Posted on Mar 17, 2012 | | Comments (0)
Host: Lou Pierro
Special Guests: Susan L. Axelrod, CFR, PFR - Philanthropy Advisor; Steve Gonick - The Adirondack Cup
Show Description: How will you be remembered? You don’t have to be Bill Gates or Bono to create a lasting legacy for you and your family. In this episode of LifeHappens, host Lou Pierro and his guests discuss different forms of philanthropy and how we all can work to make a difference. In addition to tax advantages for giving to charity, there are many emotional reasons for giving. Whether it is giving of time, talents and money, charitable planning provides a source of inspiration and control. Teaching children and grandchildren about philanthropy can teach the value of service to younger generations and create a culture of people who care.
Corporations who value stewardship and giving back to the community also understand the importance of legacy planning. Guest Steve Gonick from the Adirondack Funds discusses how his company created a program to help educate students about the financial industry. 18 colleges are competing in the Adirondack Cup, which gives students a real world experience as mutual fund managers and helping to grow their professional network for eventual job placement.
The program concludes with some ideas and types of assets that can be used for charitable planning. In particular, IRAs are a ticking time bomb for taxation. Working with a qualified estate planning attorney versed in charitable giving, your financial planner and accountant, you can build a plan to benefit your family and charity and create a lasting legacy. From collecting cans through running a private family foundation, there are many ways to implement a plan. There are even ways to leverage your charitable donations in order to leave more money to heirs after tax, PLUS a benefit for charities of your choosing.