Americans are the most generous people in the world (caf wgi 10th edition report 2712a web 101019.pdf). When there is a crisis, Americans are leading the way; we are right there to lend a hand or write a check (both are very much needed). However, when it comes to planned giving (leaving money in our estate plans), we are not as diligent. How can we better help our donors/clients incorporate planned giving into their overall estate plan/legacy plan?
There are three key building blocks to help your donor/client get to ‘yes’. First, you need to have a strong interpersonal relationship. Second, you need to keep it simple. And third, you need to collaborate with other advisors.
Having a strong relationship is a foundational building block. A positive, interpersonal relationship with the people around you creates a high level of trust. We live in a world with information overload, so having a trusted ally to help guide and advise is critical. These relationships are built over time, so be patient.
With so much ‘noise’ (aka information overload), it is nice to keep things simple. We are experts in what we do, but our donor/client is not. Many times they are hearing things for the first time, making it sound like a foreign language. Keeping it simple allows them to process, and ultimately make a decision. When we have too much information for our minds to sift through, we end up doing nothing. This is called analysis paralysis.
Finally, collaborating with other advisers allows our donors/clients to feel they are doing the best thing, from every angle. When you are a hammer, everything looks like a nail. As an attorney, I tend to look for legal solutions. A financial adviser is looking for financial solutions. When the tax adviser, the legal adviser, the financial adviser, and the charitable gift planner all work together, collaborating, they are able to achieve the donor/client’s objectives in the best way possible.
The donor/client is charitably inclined. The key is to help them get to their planned giving ‘yes’. Build strong relationships, keep it simple, and collaborate with other advisers and the world of planned giving will be forever changed.
James Plitz, “Jim”, focuses his entire practice on estate planning and administration. His goal is to help families get through life’s toughest times – the loss of a loved one. Jim believes in supporting the community for which he serves. He is on several non-profit boards, and volunteers his time and energy helping those who need a helping hand. Jim feels that even a small gift in your Last Will or Trust can leave a lasting legacy for everyone around you.
Contributed by Attorney James P. Plitz