Gregory S. DuPont
Charitable Giving—Not Just for the Rich and Famous!
Bill Gates, second in riches only to Jeff Bezos, the Amazon CEO, said that he's only leaving a small portion of his wealth to his kids. The same is true of his fellow billionaire philanthropist, Warren Buffet. Together, the two titans of American capitalism created The Giving Pledge. They were on a multiyear roadshow across the U.S. and the globe trying to convince the world's wealthiest individuals and families to donate a majority of their estates to charities.
Whether you are Bill Gates, Warren Buffet, or just an ordinary Joe, the gifting principles, tax benefits, and philanthropic rewards of charitable giving can be relatively the same, regardless of how large, or how small, your gifting program. The potential for a charitable income tax deduction or an estate tax reduction, coupled with an enhanced charitable image and sense of personal fulfillment, can make the gifting of assets very attractive. The fact is, you don’t have to be superrich to reap the benefits of charitable giving.