What Role does Charitable Giving have in Estate Planning?
The Entrepreneurial spirit that built this country and made it great. “The American Dream” is possible to everyone in this country, regardless of their background or social status when they start out, but almost as a rule, those who have bootstrapped and made a name and reputation for themselves contribute heavily to charities.
Why are wealthy people prone to giving back?
The Self-made men and women of America have a vested interest in the economy and the wellbeing of those in poverty or otherwise in need, many originating from those same dire straits. Entrepreneurs and business men and women who have gone from nothing to the panicle of financial success know the value of giving back and are regular contributors without needing the coercion of the government. Having their money institutionally taken and given out by the government in the form of taxes is an annoyance because they feel they can give more and make more of an impact by choosing where and how that money is spent to help those less fortunate than themselves. Regardless, they do both, paying their taxes and giving to charities of their choosing.
What impact will inherited wealth have on my children?
Often we see that when a good man, who has been a good steward of his resources and a benefit to his community, passes away, his fortune is left to a child or children who have done little to follow in their father’s footsteps, they squander their inheritance. When this happens, the child or children find themselves penniless and unprepared for the lifestyle left to them, never having worked for anything in the past, cursing their lost parent.
To keep this from happening in your family, make sure that your family as a whole is involved it charitable contributions. Letting your children experience the satisfaction that comes from serving others, instead of only the pleasure your money can buy them, will lead them to become happier healthier people. They will be more incline to take what you have shown them and follow in your footsteps.