What is Regal Charitable?
The wise man does not lay up his own treasures. The more he gives to others, the more he has for his own. – Lao Tzu
Regal has a network of experienced subject matter experts that can assist clients and advisors in helping facilitate charitable intentions. Whether it is your place of worship, a community initiative, medical research, or numerous other nonprofit causes, preserving the family farm, or providing a family legacy. We work internally to accomplish your goals; if needed, we bring in outside experts to help achieve your objectives.
Regal Five-step Charitable / Estate Process
Our helpful Charitable / Estate process has five steps. Every step is designed to educate and propel your thoughts and wishes for your estate and gift plan into action.
Discovery: We spend most of our time together talking and understanding the root of what you have in mind for your gift and estate plan. We gather information on your assets and any other pertinent information you want to share( family history, legacy issues). The more information we can receive, the better the results in creating a broad base plan to accomplish your goals.
Design: We provide multiple options to structure your gift and or estate plan using information from the worksheets and previous conversations. Each customized design should align with your goals but will have various options for you to choose from as these plans are customized for your needs. Strategies are discussed in depth until we determine the right plan for you.
Summary: We narrow down the choices to a single plan of action. We then create an executive summary of the plan you selected to share with your family, beneficiaries, and legal and accounting professionals. We communicate with all of the affected parties with your permission.
Implementation: Next, we assist you with implementing your plan. We will complete any beneficiary documentation on investments, reposition assets if need be, and work with your legal and accounting professionals. To place the legal framework and maximize any tax benefits to you, your family, and your estate. This process is time-consuming and requires patience, as coordinating these efforts takes time to ensure proper execution.
- Review: Life is constantly changing, although we have implemented a plan that can help you accomplish your goals. Your thoughts or life situation may vary, and you may need to adjust or modify the program. We are able and ready to assist in helping you keep your wishes and goals on track. This is an annual commitment.
Generosity consists not of the sum given but the manner in which it is bestowed – Mahatma Gandhi
The Basics - Gift / Estate Planning Tools:
The assets you have generated over your lifetime are often far greater than the money in your checking or savings account. The full picture includes some or all of the following:
- Savings
- 401Ks, 457, 403bs or other retirement funds
- Life insurance
- Land
- Your home
- Cottage
- Vehicles
- Stocks and other securities
- Collectibles or artwork
- Royalties
- Future Inheritance
Below are some of the "basic tools" or "vehicles'" that can use to help accomplish your overall gift and estate planning objectives. We will work with your legal and tax professional(s) to deliver a solution with the best chance of achieving your goals in today's environment. We have additional resources not listed here that can help you and your family with your gift/estate planning.
A simple bequest is one of the easiest planned gifts and is usually as simple as directing a gift to be made as a component of your will. However, bequests have limitations. We can educate you on the pros and cons of each scenario and available options.
A charitable remainder trust (CRT) involves transferring cash, property or appreciated assets to a trust in return for tax deductions and income payments for a term of years, to either yourself if the trust is funded while you are alive, or to your heirs if the trust is funded after you have passed. When the trust term ends, all funds still within the trust become a gift to your designated organization.
A Charitable Lead Trust (CLT) is often considered to be the inverse of a charitable remainder trust. Charitable lead trusts operate for a set term, which could be the life of one or more individuals, and payments are made to one or more designated charitable beneficiaries for that time period. After the end of the trust term, the remainder of the trust is distributed to non-charitable beneficiaries—such as family members.
A donor-advised fund, or DAF, is like a charitable investment account for the sole purpose of supporting charitable organizations you care about.
When you contribute cash, securities, or other assets to a donor-advised fund at a public charity, you are generally eligible to take an immediate tax deduction. Then those funds can be invested for tax-free growth, and you can recommend grants to virtually any IRS-qualified public charity.
You want your charitable donations to be as effective as possible when you give. Donor-advised funds are the fastest-growing charitable giving vehicle in the United States because they are one of the easiest and most tax-advantageous ways to give to charity.
A charitable gift annuity is an arrangement between a donor and a nonprofit organization in which the donor receives a regular payment for life based on the value of assets transferred to the organization. After the donor's death, the assets are retained by the organization. The charitable gift annuity is a type of planned giving.
We believe we can help you achieve your philanthropic goals with our experience charitable / estate process. Please get in touch with your Regal Affiliate directly to implement our strategy. If you are not working with a Regal Affiliated broker but would like to have a confidential conversation about charitable giving or estate planning, please contact us, and we will get you a subject matter expert to speak with you at your convenience.
Our hope is to serve you and your family, corporation, academic institution, and/or charitable organization with helpful information. Thank you for taking the time to explore the benefits of gift planning.
