To get started, here are some general facts regarding estate and financial issues:
1. A bequest is the most common type of planned gift no matter the size of the estate.
2. Individuals rarely seek out the services of an attorney or professional advisor for the purpose of giving to charity.
3. More individuals will be subject to California and federal income taxes (IRD assets) and in a greater amount than the estate and gift taxes.
4. A majority of individuals will include more than one charity in their estate if they include a charity at all.
5. The insurance and brokerage industry including wire houses have a “sales & sustainability issue” when it comes to dealing with their clients.
6. Most individuals have no clue as to the fees and expenses charged by the financial industry or that these fees and expenses are built into the products they sell.
7. Planned gifts are mission driven type gifts; generally people do not associate charitable gifts as providing income.
8. Most professionals are not familiar with planned giving vehicles and those that are familiar do not deal with them on a regular basis.
9. Money and death are difficult topics for families to discuss.
10. Charitable organizations must ask their donors consistently to be considered in their estate plans.
11. Most charitable organizations do not have the expertise or resources in time and money to focus on planned gifts.
12. Most individuals are not rational when it comes to their money.
13. Most “workshops, seminars, free lunch” programs with money as a subject matter are sales presentations.
14. Most individuals do not understand licensing & credentials in the financial service industry.
15. The biggest fear of people over age 65 is outliving their resources.
To learn more about the It’s Your Money Series, please visit www.feelincontrol.org.