The great wealth transfer will see enormous amounts of assets transferred to philanthropic causes, bringing legacy-building and gift giving to the forefront for professional advisors. That said, the making of a charitable gift involves countless decision points that may not have been explored when clients were building their enterprises: Should a gift be testamentary, or inter vivos – corporate, or personal? Should clients make direct gifts, manage their own foundations, or make use of a donor-advised fund? How do the disbursement quota rules work, and how can charitable gifts be effectively paired with the sale of a business or extraction of assets to minimize tax while maximizing social impact? What about AMT? These issues will be explored in the context of KPMG Law’s extensive work in tax advisory adjacent to charitable giving as a component of its family office practice.
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