The Big Charity Myth
Who did better at preserving their wealth: the American industrialist – who became known as the father of modern American shipbuilding, founding Kaiser Shipyard, which built Liberty ships during World War II, then Kaiser Aluminum and Kaiser Steel – or his son?
Henry J. Kaiser, Sr. accumulated around $5.6 Million in wealth and lost 44 percent to taxes and costs.
His son, Henry J. Kaiser, Jr., grew that to almost $56 Million and only lost 2 percent to taxes and costs.
There are considerable estate tax advantages for including charity in your planning.
The BIG Charity Myth that I debunk all the time is, “Charity will reduce my income and my family’s share.”
Actually, charity (using planned giving) can increase donors’ share and their children’s share.
Help themselves… and charity at the same time. Now that’s a message worth sharing.
Quote:
“A man has made at least a start on discovering the meaning of human life when he plants shade trees under which he knows full well he will never sit.”
– D. Elton Trueblood