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Philanthropy: what’s in it for you?

Rod Smith explains how advising on philanthropic ventures can strengthen client relationships and lead to further private client work

26 March 2013

A client, for whom I had given advice on inheritance tax planning and a new will, asked me if I could help her review her application to register a small charity whose principal goal was to bring meaningful time for arts and crafts back into state schools. The subject had slowly crept further and further down the list of priorities, meaning that basic equipment was lacking and, as a result, enthusiasm had diminished for the subject from both teachers and pupils alike.Inevitably, the conversation led to the source of funds for the charity which was her father’s varied and substantial offshore trusts, the ultimate beneficiary of which would be the client.

One of the reasons for philanthropy is a concern about the effect of leaving too much wealth to the next generation, as in the example above. This can prompt the decision to make a contribution and give away funds. The art-based charity was the tip of the client’s aspirations and ...

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