web analytics
October 24, 2014 / 30 Tishri, 5775
At a Glance
Blogs
Sponsored Post
Meir Panim with Soldiers 5774 Roundup: Year of Relief and Service for Israel’s Needy

Meir Panim implements programs that serve Israel’s neediest populations with respect and dignity. Meir Panim also coordinated care packages for families in the South during the Gaza War.



Don’t Wait Until You’re 100 to Give Away Your Assets

Recently, an eighty-year-old client shared some important news with me. He had just received an inheritance from his mother, who had passed away at the ripe old age of 100. His mother had been fabulously rich, but towards the end of her life she had slowed down, and therefore had little use for her money.

“As for me,” her son sighed, “I’m no spring chicken myself, and I don’t see myself needing so much of it either. But I sure could have used it when I was younger ….”

My client’s story is not that unusual. Many times, people may work hard to build up savings, but their loved ones only reap the benefits after the older generation has left this world. This doesn’t only apply to family members, either. How many times do you see on the sides of a large building a sign saying, “Built in the memory of …,” or read about the “John and Jane Doe Memorial Fund?” Do you ever wonder if the aforementioned John and Jane Doe look down from the Other World to see what is being done with their legacy? Or, how about a trust that isn’t being distributed exactly according to its founders’ wishes? Maybe they could have been involved in some of the projects, making even better use of their assets. Perhaps they would also have gotten greater joy out of it if they had lived to see these achievements for themselves.

At the same time, the amount of money that you can give away is always relative. Obviously, the more that you have, the more you can give, but you need to make sure that your own financial situation is secure so you don’t suffer as the result of over-generosity to your family or to various charitable causes.

How do you know how much to give?

First, consult with your financial adviser and determine your net worth. Together, consider how much money you need to be able to live a fairly comfortable life. Make sure to account for the unpredictable nature of life and the markets, and then consider gifting some of the excess.

Philanthropist Lewis Cullman said, “It’s better to give money away when you’re alive than to give it away in your will because what do you care what people say? When you’re dead, you won’t be around to hear it.” When I interviewed Mr. Cullman on the Goldstein on Gelt show, he told me that he once asked Warren Buffett why he didn’t give away even more money to charity (This followed an initiative when Warren Buffett and Bill Gates signed the Gates-Buffett Pledge promising to donate at least half of their wealth over time to charity, and invited other wealthy figures to join them). When I asked Mr. Cullman why fifty percent of Warren Buffett’s wealth wouldn’t be a good deal, he replied, “It’s a very good deal. But if you have $30 billion and you give half of it away, you’ve still got $15 billion and that’s a lot of money!”

If you want to watch your grandchildren or your favorite causes benefiting from your assets, consider meeting with your financial advisor and creating a financial plan to determine exactly how much you can gift. Get a free ebook to gain more inspiration to gift your funds by reading the thought-provoking interview with Lewis Cullman.

About the Author: Douglas Goldstein, CFP®, is the director of Profile Investment Services, Ltd, a financial planning and investment services firm located in Jerusalem. He specializes in working with clients who live outside of the United States and want to maintain a U.S. brokerage account. Doug’s newest book, co-authored with Susan Polgar, about how using chess strategies to improve your finances, Rich As A King can be purchased at www.richasaking.com. He is a licensed financial professional both in the U.S. and Israel. Securities offered through Portfolio Resources Group, Inc., Member FINRA, SIPC, MSRB, SIFMA, FSI. Accounts held at Pershing LLC., Member NYSE/SIPC, a subsidiary of The Bank of New York Mellon Corporation. Neither Profile nor PRG gives tax or legal advice. Before immigrating to Israel, it is advisable to consult with a tax attorney who is knowledgeable about Israeli law. Contact at doug@profile-financial.com


If you don't see your comment after publishing it, refresh the page.

Our comments section is intended for meaningful responses and debates in a civilized manner. We ask that you respect the fact that we are a religious Jewish website and avoid inappropriate language at all cost.

If you promote any foreign religions, gods or messiahs, lies about Israel, anti-Semitism, or advocate violence (except against terrorists), your permission to comment may be revoked.

No Responses to “Don’t Wait Until You’re 100 to Give Away Your Assets”

Comments are closed.

SocialTwist Tell-a-Friend

Current Top Story
Do you know where your vegetables grow?
Not So Kosher Shemittah L’Mehadrin
Latest Blogs Stories
"Shiloh"

Shiloh, where the Mishkan stood for near 400 years, was the spiritual capital of the Jewish Nation.

Chaye Zisel Braun

Arab terrorism against Jews and the State of Israel is not something we should be “calm” about.

European Union

Is the EU “Jewish challenged”?

Car in Light Rail Runover

The headlines refused to scream “ARAB TERROR ATTACK;” instead the phrase “Suspected Terror Attack.”

I’ve heard many times I write what others think, making them extremely happy; that’s why I continue.

Though secular, Hitman’s CV includes writing music for, recording, and popularizing religious songs.

Polls indicate that the Palestinians are much more against a two state solution than the Israelis.

Has the Jewish world adapted to the times? Hear the answer with Doug and his guest, Rabbi Berel Wein.

Leon Klinghoffer’s daughters: “‘Klinghoffer’ is justified as ‘a work of art’…This is an outrage.”

Kids bring in the light and let out the darkness through breathing exercises; it changes people.

If I make a million dollars in 2 weeks, how can I observe something like this and sit by quietly?”

Sometimes collective action against the heinous acts of the majority is not enough. The world should not only support the blockade of Gaza; it must enforce the dismantling of Hamas.

How long will it take for Israel and the Jewish World to admit that we are in very serious danger?

How do changes in technology affect the human life and our interactions with each other?

Palestinians (and Jordanians) often use the term “provocation” regarding Israeli action in Jerusalem

The zealots who engineered the ban have been publicly disgraced.

More Articles from Doug Goldstein, CFP®
Doug Goldstein

Has the Jewish world adapted to the times? Hear the answer with Doug and his guest, Rabbi Berel Wein.

Doug Goldstein

How do changes in technology affect the human life and our interactions with each other?

Discover the connection between hypnotism and investing on this week’s show.

Discover the motivations and the emotions that may affect investing.

Grandmaster Michael Adams talks about life as a professional chess player.

Why some countries are more economically successful than others? Tune in for the answer…

Why is an IRA a worthwhile account for retirement? And how can you use it to the best advantage?

How do you reach the top of your profession, and are you always aware of your own talents?

Printed from: http://www.jewishpress.com/blogs/goldstein-on-gelt/dont-wait-until-youre-100-to-give-away-your-assets/2012/07/11/

Scan this QR code to visit this page online: