You’re employed along with your purchasers to determine their philanthropic targets, the causes they wish to help, and essentially the most acceptable automobiles for making charitable items. Then your job is completed, proper? Not so quick. If the technique is poorly executed, it may undermine the impression of these items.

Some traps are straightforward to fall into, akin to mistakenly directing funds to a charity with a special but related title. Different errors will not be realized for a while, which can occur when establishing a donor-advised fund or a charitable the rest belief. So, how will you assist purchasers keep away from widespread charitable planning errors?

View this SlideShare to study extra about what may go unsuitable—and what you need to advocate that your purchasers do as an alternative.

Planning Forward

Many consumers in the present day wish to develop structured giving plans that not solely present potential tax advantages in the present day but additionally assist make a distinction for others tomorrow. By educating them on widespread charitable planning errors, you can execute their plans as meant whereas fostering a trusting client-advisor relationship.

At Commonwealth, our advisors lean on the experience of our Superior Planning group to assist them suppose via regulatory and tax-related penalties of charitable plans and different planning points. Study how one can put their data to give you the results you want.

Heather Zack, JD, LLM, MSFP, CAP®, contributed to this text.

Commonwealth Monetary Community® doesn’t present authorized or tax recommendation. It’s best to seek the advice of a authorized or tax skilled relating to your particular person scenario.