Marketing and Grants Program Manager, The Catholic Community Foundation of Santa Clara County
What role do estate planning attorneys, CPAs and wealth managers play in their clients’ philanthropic strategy? On Monday, July 31, 2017, the Catholic Community Foundation of Santa Clara County brought together a panel of experts to discuss just that. Professionals from all over the Silicon Valley came to the Capital Club in San Jose to reconnect with their colleagues and listen to the esteemed speakers.
The Foundation invited John M. Sobrato, CEO of the Sobrato Organization, James P. Cashman, estate planning attorney at Berliner Cohen, and Raymond J. Triplett, President and CEO of Triplett Financial to share their unique perspectives about the relationship between estate and wealth planning and philanthropy. They each discussed how – as professionals in estate planning, life insurance, and other related fields – audience members could help their clients reach their philanthropic goals as well as their financial goals.
Previously, leaving a portion of an estate to charity was commonly thought of as a last resort, only implemented if the client had no family members to whom they wished to leave their estate. Today, though, that narrative has changed. “For people like us – financial people, estate planning attorneys, financial advisors, insurance folks – [the Silicon Valley today] is a really interesting place to be. We get to do sophisticated work…with clients that want to do things that are outside of the box,” noted Cashman. Clients are now thinking about philanthropy as an integral part of their portfolios and estate plans, and attorneys are discussing it more and more amongst themselves and with their clients.
Advisors are in a unique position to discuss options for philanthropy with their clients. The speakers discussed some of the ways through which clients can give to charity while taking advantage of tax benefits that would not have been available otherwise. For some clients who might not initially have a strong desire to give to charity, discussing the potential tax benefits can be a good way to start that conversation.
At the conclusion of the panel, Mary Quilici Aumack, Executive Director of the Catholic Community Foundation, briefly summarized some of the services offered by the Catholic Community Foundation that can help clients fulfill their philanthropic goals, such as Donor Advised Funds and Family Endowments.
If you would like to learn more about how you can connect your clients with their philanthropic interests or if you would like to learn more about the Foundation’s services, please visit www.cfoscc.org or call (408) 995-5219.