web analytics
August 4, 2015 / 19 Av, 5775
At a Glance
Blogs
Sponsored Post


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, 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

The author's opinion does not necessarily reflect the opinion of The Jewish Press.

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.

Current Top Story
Bibi conf call
Bibi: ‘Keep or Cheat,’ This Deal Will Give Iran the Bomb
Latest Blogs Stories
yeshivaresized flash 90.jpg

Surprisingly, many Hareidi communities do not advocate full time Kollel study for life as the ideal.

Baim-061915-Mazal-Tov

“You’ve been out on enough dates, are you going to marry him?” Many times I’ve choked at this point.

Shira Banki, 16, z'l

What is left to say when a 16 year-old is dead? How will her mother and family endure without her?

Bloodstained car after Palestinian Authority terrorists shot at settlers

Compare the numbers. Disproportionately too many Arab attacks on Jews have been happening.

What is the impact of renouncing US citizenship if you live abroad? Can you visit the US again?

Gentile friends of Israel came from all over Norway & Europe and they sang “Hatikva” in Norwegian!

As the incitement begins again against the settlers, the religious and the Right, let’s review the list of children killed by terrorists.

Reports of a dead baby, a devastated family, and indications of a gloating attacker.

In all the years (and this week it’s exactly 14 years) since our daughter was murdered, we have not found a single Arabic-language post, article, tweet or speech condemning that attack in the center of Jerusalem or the killings.

Everyone is angry at the ongoing Arab terrorism, but what does murdering a baby have to do with protecting Jewish lives or furthering Jewish settlement in the Land of Israel?

Tonight, live Meerkat interactive video tour and talk in Jerusalem.

The US doesn’t want Pollard & he doesn’t want America- release him with 1 condition: No return to US

Meet Republican US presidential candidate Kerry Bowers & listen to his message to the Israeli public

Amongst the Palestinians (sic) what is promoted and praised for its young people? Terror & martyrdom

“If you can’t negotiate with your enemy, why negotiate at all?” Great sound bite. The press loved it

The phenomenon pushing limits of Orthodoxy to the extreme left has no chance of becoming mainstream

More Articles from Doug Goldstein, CFP®
Doug Goldstein

What is the impact of renouncing US citizenship if you live abroad? Can you visit the US again?

Doug Goldstein

Meet Republican US presidential candidate Kerry Bowers & listen to his message to the Israeli public

Discussing, what should you do if you are feeling overstressed in your job and are tempted to quit?

Learn how modern technology can be used to foster personal development in life as well as in finance

Tony Stubblebine, founder of Coach.me, shares tips on translating desire for change into action

Talking about the best ways to give financial advice. Is “storytelling” helpful?

How can you get people motivated in the right way? Discover effective techniques right here.

Learn how discipline helps you reach your potential and the role good habits play in being a leader.

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: