Should We Include Our Children in Our Charitable Giving Plans? – Annapolis and Towson Estate Planning

Transferring wealth to the next generation is a major part of estate planning, but few people discuss their philanthropic goals with their heirs.

CNBC’s recent article, “Don’t expect Mom and Dad to clue you in on your inheritance,” says that 8 out of 10 financial advisors said that “some” or “hardly any” of their clients involve the next generation in family philanthropy, according to a recent survey from Key Private Bank.

It would great for the older generation to get their children involved in the process because they frequently don’t see eye to eye on philanthropic causes. As a result, it’s rare for a person to get their children and grandchildren involved in philanthropy. That’s one of the biggest mistakes parents make when they think of wealth transfer planning and preparing their children to be responsible heirs.

The IRS will allow you to transfer up to $11.4 million ($22.8 million if you’re married) to your heirs, either in gifts during your lifetime or in bequests at death, without the 40% estate and gift tax. Remember that charitable bequests are deductible, lower your gross estate and reduce the estate tax bill.

Donor Advised Funds are tax-advantaged accounts that people can open at a brokerage firm and fund with cash, securities and other assets. It’s important to establish the charitable vehicle, like a donor advised fund, during your lifetime.

It’s best to be open about your own values and the causes you want to support.

Children would like to participate in their inheritance beyond the financial assets. They also should understand what values were important for Mom and Dad.

Listen to your children and grandchildren because younger generations bring a different view to the charitable giving conversation. Getting them involved early will also prepare them to be good stewards.

One more thing: try not to rule from the throne. As your heirs get older and devote themselves to different causes, try to step back. Let them drive the charitable effort. Give them guidance and support.

Reference: CNBC (September 18, 2019) “Don’t expect Mom and Dad to clue you in on your inheritance”

Sims & Campbell, LLC – Annapolis and Towson Estate Planning Attorneys

For Immediate Release

Contact: Jane Frankel Sims

410-828-7775

Contact: Frank Campbell

410-263-1667

Sims & Campbell Estates and Trusts

Frankel Sims Law and Holden & Campbell
Merge to Form Sims & Campbell

Firm will offer comprehensive Trusts & Estates services through offices in Towson and Annapolis

TOWSON, Md. (April 26,2019)  Frankel Sims Law and Holden & Campbell have jointly announced the merger of their firms to create a boutique Trusts & Estates law firm providing comprehensive services in the fields of Estate Planning, Estate Administration, Trust Administration and Charitable Giving. The combined firm will be named Sims & Campbell and have offices in Towson, Md. and Annapolis, Md.  Jane Frankel Sims and Frank Campbell will lead and hold equal ownership stakes in the firm.

Sims & Campbell will have 9 attorneys and 15 legal professionals that handle every facet of estate and wealth transfer planning, including wills, revocable living trusts, irrevocable trusts, estate and gift tax advice, and charitable giving strategies.  The firm will focus solely on Trusts & Estates but will serve a wide range of clients, from young families with modest resources to ultra-high net worth individuals.  This allows clients to remain with the firm as their level of wealth and the complexity of related estate and tax implications change over time. 

“By joining forces, we have expanded our footprint to conveniently serve clients in Maryland, D.C. and Virginia” said Jane Frankel Sims.  We are seeing some of the greatest wealth transfer in our country’s history, and we want to continue to be on the leading edge of helping our clients maintain and enhance their family’s wealth.  In addition, we aim to serve our clients for years to come, and the new firm structure will allow Sims & Campbell to thrive even after Frank and I have retired.”    

“Jane and I have always admired each other’s firms and recognized the need to provide even greater depth and breadth of focused expertise to help families amass and protect their wealth from generation to generation,” said Frank Campbell.  “Now we have even greater capabilities to make a real difference for our clients.” 

The Sims & Campbell Towson office is located at 500 York Road, on the corner of York Road and Pennsylvania Avenue in the heart of Towson.  The Annapolis office is currently located at 716 Melvin Avenue, and is moving to 181 Truman Parkway in August, 2019.  For more information, visit www.simscampbell.law.