Overcoming Common Challenges with Generosity in Estate Planning

Clients rely on advisors for security in their financial planning decisions. Many feel the weight of large financial decisions with implications for family, relationships, and Kingdom impact. To help with this added stress of estate planning, wise stewardship is needed.

When it comes to generosity inside of estate planning, it is imperative to have a strategy. Once a plan is in place, your client will feel confident about their charitable giving and excited about the difference they can make within their legacy.

One of the first questions many clients ask is how to decide where to give? To create a well-planned strategy there are three benchmarks that need to be met.

1. Vision alignment

It is important for your client to have a clearly defined vision and mission to align with. Clients are more likely to feel fulfilled in their giving strategy when their visions are aligned with a cause. Where your client gives, will also speak volumes to the generation of givers coming up behind them. Aligning with a cause that connects with the next generation to your client’s values and beliefs will strengthen the legacy of your client.

2. Decide where you want to make an impact

There are many ways to make an impact for the organizations and causes that resonate with your client. Many choose to give to an organization within their community, a personal passion as well as causes that can serve as a long-term investment. Learn what causes your clients are passionate about to assist them in this decision.

3. Create percentages and divide up

Once your client has determined the amount they would like to give, the next step is to create a “spending” plan. Many use a formula such as 50% passion giving, 30% community, 20% long term investment.  There is no perfect formula. The important thing is that your client believes in the impact they are making and in the causes they support.

By encouraging your clients to practice generosity today, it amplifies their estate planning efforts. In doing so, you offer depth to their plan and invite your client to become more intentional in their giving. Creating a smart plan offers your client the opportunity to live now and invest in tomorrow.