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Click to edit Master title styleThe Financial Planning Association andthe American Heart AssociationCollaborate to Support FinancialPlanners Through Education onPhilanthropic Giving

Course ModulesCourse 1The Benefits ofPhilanthropyand Waysto EngageClients inPhilanthropicDiscussionsCourse 2CharitableLegacies ThroughBeneficiaryDesignationAccountsCourse 3Deferred GiftsThat BringGreat ComfortToday: GiftAnnuities andRetained LifeEstatesCourse 4ProblemSolvingApplicationsof CharitableRemainderTrustsCourse 5DonorFriendlyAlternativesto the haritableLead TrustsCourse 6BalancingCharitableand FamilyLegacies3

Who We AreFPA believes in elevating the profession thattransforms lives through the power of financialplanning. We believe in changing tomorrows.Our Core PolicyThe CERTIFIED FINANCIAL PLANNER certificationand the standards it represents constitute thefoundation of the financial planning profession.

WHO WE AREThe American Heart Association is notjust a charity. We are crusaders,innovators, scientists and partners.OUR MISSIONTo be a relentless force for a world oflonger, healthier lives.5

Join our network to enhance your client relationships!Heart.org/AdvisorNetworkIt's a free and simple way toempower your clients to meettheir personal goals whilecreating a legacy.34

Heart.org/AdvisorNetwork Opportunity to be included in our advisor referral program Key planning tools and resources, including custom illustrations Turnkey programs that make giving a gift of non-cash assetsstreamlined The latest news on tax and legislation affecting charitable giving,industry articles and health education Personal assistance from American Heart Association’s nationwideteam of estate and gift planning professionals35

Meet the InstructorLorraine del PradoAmerican Heart AssociationLearning ConsultantPrincipal, del Prado PhilanthropyVice President, Thompson & Associates

Course 1:The Benefits of Philanthropy and Ways toEngage Clients in Philanthropic DiscussionsPhilanthropic Solutions in Financial PlanningAn AHA & FPA Certificate Program

Learning ObjectivesIncorporatingphilanthropy tobenefit your clientsand youTaking your client’scharitable pulsePhilanthropywithin the contextof values basedplanningBuilding yourphilanthropicplanning team10

Altruism’s Gifts to the GiverBenefits to your Clients“It is one of the mostbeautiful compensations ofthis life that no man cansincerely try to help anotherwithout helping himself.”- Ralph Waldo Emerson11

IncorporatingPhilanthropy:Benefits forYou & YourClients12

Benefits of Engaging in PhilanthropyPersonal fulfillment fromserving the greater goodof societyAbility to serve thecomprehensive wealthneeds (financial &non-financial assets) ofyour clients and theirfamiliesBENEFITSTO ADVISORProfessionaladvancement throughknowledge in charitableestate planningExpanding connectionsamong people ofsubstance and purpose13

Philanthropic Giving is Good for BusinessTop benefits to an advisor that incorporates charitable planning advice in their practice:80%72%61%Say it’s arelationshipbuilderSay it positionsthe advisor as abroad financialexpertSay it keepsassets undermanagementFidelity 2012Advice & Giving Study56%Say it leads tomulti-generationalrelationships14

Benefits to Your ClientsPsychological Benefits:According to Russell James’ research“Inside the Mind of the Bequest Donor“:Charitable planning can contribute to donor’ssearch for meaning and significance. Activates the same parts ofthe brain as happiness Greater feelings of happinesswhen spending on othersrather than themselves Increased psychologicalwell-being even years aftervolunteering15

Benefits to Your ClientsHealth Benefits: Volunteering lowers the riskof early death Better pain management forthose with chronic illness Good mental and physicalhealth well into lateadulthood Less risk of hypertensionSources:Stephen Post, The Hidden Gifts of HelpingStephen Post, “It’s Good to Be Good: Science Says It’s So.”Sara Konrath, “The Power of Philanthropy and Volunteering”Rodlescia Sneed, “A prospective study of volunteerism and hypertension riskin older adults’16

Benefits to Your ClientsEconomic Benefits: Tax-savings (income, capitalgains, gift, estate) Income tax coordination Asset diversification and riskreduction Unlocking income fromunderperforming assets Investment in a tax-freeenvironment17

Setting the Planning Tablefor Client & Charity SuccessWhat the Charity Brings to the Table:Benefits to YouWhat You Bring to the Table:Benefits to the CharityInspiring a connection to the charity’smissionTechnical expertise in their professionalareaNetwork with centers of influence,prospective clients and other advisorsBe ambassadors for the charitySupport in charitable planning &professional advancement throughtraining and exposure to philanthropicstrategiesOpportunity for advisors to lendexpertise to help nonprofit donors intheir planning & help the charity withasset managementProblem-solving help with unusual giftsituationsTax, financial and estate planningeducation resource for donors,volunteers and staffPlanning assistance with donor cases18

PhilanthropyWithin theContext ofValues BasedPlanning19

Money CarriesOur Intentions“Money is like water. It can be a conduit forcommitment, a currency of love. Money movingin the direction of our highest commitmentsnourishes our world and ourselves Money carries our intention. If we use it withintegrity, then it carries integrity forward .Let your soul inform your money and yourmoney express your soul.”― Lynne Twist, The Soul of Money: Transforming YourRelationship with Money and Life20

The Psychological Legacyof Wealth without Values Social and emotional isolation Feelings of failure; depression and anxiety The Perennial Child: Unrealistic expectationsand lack of accountability Lack of self-esteem and personality identify Inability to form trusting relationshipsThe Golden Ghetto: The Psychology of Affluence by Jessie O’Neil21

The Limits of TraditionalEstate PlanningThe primary focus on tax minimization, inheritancemaximization and asset protection does not prepareheirs with the skills needed before inheriting money: Earning their own money and live contentedly offthe money they’ve earned Setting and pursuing their own vocational goals Projecting self-worth that is not wrapped up infamily’s wealth or influence Earned sense of resilience and ability to overcomesetbacks22

Values Based Planning CycleTHE WHY: People & icDiscoveryDesignTHE HOW: Tools & FormAdapted from TimothyBelber’s “The Middle Way”23

Values Based Planning CycleTHE WHY: People & Function Lessons & observationsStruggles & opportunitiesProgressNew circumstancesAdjustments Documents Plans Choice of advisors, trusteesand institution partners eryWho we areWhere we areWhere we want to beWhat is the impact &meaning we desire for ourwealthDesignTHE HOW: Tools & Form Strategies, tools &techniques to help achievegoalsAdapted from TimothyBelber’s “The Middle Way”24

Values Based Planning CycleTHE WHY: People & Function Lessons & observationsStruggles & opportunitiesProgressNew circumstancesAdjustments Documents Plans Choice of advisors, trusteesand institution partners eryWho we areWhere we areWhere we want to beWhat is the impact &meaning we desire for ourwealthDesignTHE HOW: Tools & Form Strategies, tools &techniques to help achievegoalsAdapted from TimothyBelber’s “The Middle Way”25

Values Based Planning CycleTHE WHY: People & Function Lessons & observationsStruggles & opportunitiesProgressNew circumstancesAdjustments Documents Plans Choice of advisors, trusteesand institution partners eryWho we areWhere we areWhere we want to beWhat is the impact &meaning we desire for ourwealthDesignTHE HOW: Tools & Form Strategies, tools &techniques to help achievegoalsAdapted from TimothyBelber’s “The Middle Way”26

Values Based Planning CycleTHE WHY: People & Function Lessons & observationsStruggles & opportunitiesProgressNew circumstancesAdjustments Documents Plans Choice of advisors, trusteesand institution partners eryWho we areWhere we areWhere we want to beWhat is the impact &meaning we desire for ourwealthDesignTHE HOW: Tools & Form Strategies, tools &techniques to help achievegoalsAdapted from TimothyBelber’s “The Middle Way”27

Values Based Planning CycleTHE WHY: People & Function Lessons & observationsStruggles & opportunitiesProgressNew circumstancesAdjustments Documents Plans Choice of advisors, trusteesand institution partners eryWho we areWhere we areWhere we want to beWhat is the impact &meaning we desire for ourwealthDesignTHE HOW: Tools & Form Strategies, tools &techniques to help achievegoalsAdapted from TimothyBelber’s “The Middle Way”28

Values based planning helps crystalizehow the estate plan can support: The family’s core values Essential opportunities to launch heirsinto productive lives Flourishing, responsible and resilient heirs Family harmony and cross-generationalengagement A strong and vibrant community29

Philanthropy’s Place in Values Based PlanningPhilanthropy enables clients to: Give back to the community Leave an enduring legacy Reduce their taxes and control social capital Reduce the sense of separation from the largerworld Create a meaningful forum for intergenerationalcommunication Provide a psychological boost for those ofinherited wealth with low self-esteem and guilt30

Taking YourClientsCharitablePulse:EssentialQuestions toAsk and Issuesto Consider31

UnderstandingInvolvement &Motivation Charities supportedthrough gifts orvolunteering Level of satisfactionabout involvement Beliefs about helpingothers33

UnderstandingGiving Interests Organizations andcauses Populations they wishto help Geographic area Priority issues34

UnderstandingAttitudeToward SocialCapital35

Probing Waysto Give How gifts have been made Who decides what to give Charitable vehicles alreadyin place Preference for lifetimeand/or estate giving Tax and financial concerns36

UnderstandingLegacy Concerns How they wish to beremembered Their desired impact onfamily and society37

UnderstandingEstate GivingPreferences Bequests Unrestricted or Restricted Endowment Donor Advised Fund Private Foundation38

UnderstandingHow to MoveForward How do they wish tomove forward? How can you help? Any specific worries orconcerns?39

Special Issues toConsider inCharitable Giving Financial capacity Loss of assets and control Scarcity mentality Family dynamics Next generationsdiversions in interests40

IdentifyingObstacles to AchieveCharitable GoalsFear of: Disappointing family or friends Feeling a sense of obligation Being influenced by someoneand no longer being in control The unknown, such as futurehealth issues Running out of money41

OvercomingConcerns withFinancial Planner’sSkills & ToolsTechnical Tools: Financial management Retirement planning Investment planning Risk management & insurance Estate planning- Lisa Kirchenbauer, CFP , RLP , CFTTM42

OvercomingConcerns withFinancial Planner’sSkills & ToolsEssential Tools: Authenticity Deep Listening Empathy Non-judgement Curiosity- Lisa Kirchenbauer, CFP , RLP , CFTTM43

Building YourPhilanthropicPlanning Team44

Building Your Philanthropic Planning Team0102030405Charitable Giving Advisors Community FoundationPersonnel Nonprofit DevelopmentPersonnel Charitable Estate PlanningAdvisors/Planned GivingOfficers/Legacy GiftPlanning Officers Development OfficersTrust OfficersEstate PlanningAttorneysCPAsFamily Wealth/Legacy Consultants/Financial Planners45

AcknowledgementsThe following resources were helpful in creating this presentation,especially the questionnaire: ”Embarking on Values-Based Planning” by Leave 10 “Planned Giving Toolkit for Professional Advisors” by Leave 10 “The Philanthropy Toolkit” by Stanford Effective Philanthropy Learning Institute “Philanthropic Planning Questionnaire” by del Prado Philanthropy “How to Have Conversations about Charitable Giving with Clients”by Ken Nopar of the American Endowment Foundation46

Other Resources The Hidden Gifts of Helping by Stephen Post The Soul of Money by Lynne Twist Raised Healthy, Wealthy & Wise by Covey Edwards-Pitt The Golden Ghetto by Jessie O’Neil The Middle Way by Tim Belber Values Based Planning by Scott Fithian47

YOUR NEXT STEPSTo receive CFP Board CE credit, navigate to the FPAlearning center and follow these steps: Click on ‘Dashboard’ ‘Take Quiz’ within the exam section Complete the ‘Course Evaluation’ and submitPost-Work (Optional) Upon course completion optional post work will beavailable to you within the course

Course 2Charitable LegaciesThrough BeneficiaryDesignation AccountsTuesday, October 132:00 PM ET/ 1:00 PM CTSAVE THE DATE

THANK YOU!Join the AHA Professional Advisor Network Today:Heart.org/AdvisorNetworkTo find an AHA Representative in your Area:www.heart.org/plannedgivingContact us by Email: [email protected]: 888-227-5242

Money moving in the direction of our highest commitments nourishes our world and ourselves Money carries our intention. If we use it with integrity, then it carries integrity forward . Let your soul inform your money and your money express your soul.” ―Lynne Twist, The Soul of Money: Transforming Your Relationship with Money and Life. 20