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Abstract: 

Surveys of high-net-worth families have indicated that nearly half of wealthy households have a will with at least one specific charitable provision, and nearly 12% more will consider establishing a charitable provision in their will in the next few years. Moreover, nonprofits today derive nearly 50% of individual giving income from planned gifts. Yet, too often, the charitable portions of estate plans lack the direction necessary for successors to effectively implement a client’s philanthropic legacy. Whether creating a new estate plan or revisiting an existing one, this article examines the key elements advisors can incorporate to facilitate proper stewardship of clients’ legacies for generations to come.

Keywords:  Legacy statement; Succession plan; Charitable beneficiaries and due diligence; Implementation and Oversight plan

Affiliations:  1: Strategic Philanthropy.