Clients are Upping Charitable Giving in the Wake of the Pandemic
JULY 12, 2021
Although the biggest reward of giving is psychological, the tax benefits can make doing good feel even better financially.
When investors’ portfolios do well, philanthropic organizations do well. Throw in a profound public health crisis and social unrest, and charitable giving hit new heights last year.
That philanthropic trend is likely to continue this year and combine with an uncertain tax outlook to provide opportunities for financial advisers to deepen client relationships by helping clients donate with financial efficiency.
Another trend that began in 2020 and is continuing into this year is the growing number of sales of small businesses, which leave their former owners in a good position to pursue philanthropy, said Kevin Donohue, a partner at Legacy Planning.