An estate plan doesn’t need to be complicated, but everyone should have a plan in place. Simple things like titling assets correctly, ensuring the correct beneficiaries are listed on accounts, and having healthcare powers and durable powers of attorney are important items for everyone regardless of their net worth. If you have a family, the use of revocable living trusts should be a consideration so that they can control assets without being subject to the probate process which is public, expensive, and time-consuming.

Perhaps you have accumulated enough wealth that your financial independence is secure, and you have begun to think about generational transfer. Without proper planning, tax and legal concerns can take a big bite out of your legacy. The good news is that once your desires are known, an estate plan can be put in place, and you can amend and change it over time. There are certain techniques that utilize irrevocable decisions, but those should only be implemented when the results fit your goals and the benefits outweigh the loss of flexibility.

For those who are charitably inclined, philanthropic planning combines tax benefits and estate planning to make a powerful impact on the community. We have helped generations of clients define what is most important to them, identify the causes they care about most, and design strategies to maximize the impact of their generosity. We can do the same for non-profits in providing guidance how to work most efficiently with donations and donors.

For Individuals:

Many of our clients have made charitable giving an integral part of their lives. It stands to reason that they may consider it as part of their legacy planning as well. And since there are some substantial tax benefits for charitable contributions, building your philanthropy into your overall financial plans is wise. The first step in the process is to create a clear plan for charitable giving during your lifetime and for your legacy when you are gone. Sharing your resources with intent and meaning requires thoughtful but rewarding planning.

A comprehensive plan for philanthropy must be integrated into the financial objectives for the family, the business, and the estate. We can help answer questions around when to start giving, how much makes sense, possible tax advantages, and how long your legacy will continue.

Once identified, we can help you determine what strategies will be best for you to utilize to meet your philanthropic goals. Philanthropic planning is some of our favorite work, and the joy it brings clients as they realize the impact they will have on their community is powerful!

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For Charities:

Planning for philanthropic giving as a donor can be a challenge. However, being on the receiving end of those donations can present its own set of challenges. Public and private charities alike have many questions around how to best receive donations, donor relationships, and public engagement. Making the donor or prospective donor the center of your efforts allows the charity to reach the next level of impact. Summit can provide guidance in thinking about tools like setting up an endowment program and putting together a plan for deepening donor relationships to foster loyalty and philanthropic dollars which can impact the longevity of your organization.

Whether transferring your assets to the next generation has been on your mind for decades, or you have just started thinking about it, devoting time to proper planning in this area is the only way to ensure that your wishes and desires are ultimately fulfilled.

Generational wealth can be transferred in two main ways: through inheritance upon the individual’s death or through gifts during their lifetime. Without proper planning, estate transfer taxes can put a huge dent in the assets you plan to give your loved ones. If you do not think ahead, your heirs may end up with only a fraction of what you intended them to receive. With a deep understanding of the estate planning landscape, we can recommend various planning tools to efficiently transfer your wealth.

While understanding taxation is important, there is more to consider when transferring generational wealth. Thinking about the timing of gifts, the tools available, and how much to transfer requires thoughtful planning. How much do you give so you empower without enabling? What impact will your giving have on your cash flow? How much control do you want over gifted assets? These questions and others are analyzed in concert with your values to create a plan for your legacy. Doing so can help you create a plan in alignment with your goals for the next generation and beyond.

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