Bar News - August 15, 2003
Lawyers Can Play a Key Role in the Growth of Charitable Giving
By: Steven Cohen & Deborah Schachter
NEW HAMPSHIRE WOULD be unrecognizable without the charitable gifts of those who understand that community well-being is deeply relevant to their own well-being. There are many people in this state who give generously of their resources to enhance our communities. In 2000 alone, NH tax filers donated almost half a billion dollars to charitable causes. From museums and theaters to hospice care, from public advocacy to land conservation, the imprint of charitable contributions is everywhere.
Yet there is so much more that we could do both as professionals and as individuals. Studies continue to show that New Hampshire, though a wealthy state, lags behind much of the nation in our charitable giving. Had NH tax filers donated merely at the national average in 2000, we could have raised an estimated $170 million more in that single year alone for a wide range of important causes. A recent national study placed Rockingham County last in giving as a percentage of discretionary income: 380th of 380 large counties in the country. Hillsborough County was not far behind at 378th. Another study recently released by Giving New Hampshire (GNH), a project of the New Hampshire Charitable Foundation (NHCF), confirms that the wealthiest communities in our state are not necessarily the most generous.
The value in reflecting upon our unrealized giving capacity is not to shame or to place blame, but to spur action. Giving New Hampshire has been working with a dedicated group of lawyers, accountants and financial and insurance professionals to find ways to better engage professional advisors in helping to tackle this challenge. GNH's goals include seeking to ensure that clients are routinely invited to consider charitable trusts, charitable annuities, donor-advised funds, direct charitable bequests or other appropriate planned giving vehicles as part of their estate and financial planning. Participants in this advisor group are the following lawyers, CPAs or financial or insurance advisors: attorneys Alexandra Breed, Steven Cohen, Jim Cook and John Hughes; and Jay Edwards, Joe Lovejoy, Paul Roa, Carroll Winch; as well as NHCF staff and other professionals.
This advisor group has crafted a client pamphlet to help spark the charitable conversation, and the pamphlet has been growing in popularity as a neutral informational piece for professional advisors, including attorneys, to share with their clients. Contact NHCF at 225-6641 if you would like to receive free copies of this piece, titled "Thinking About Your Charitable Planning." An online version is also available in the professional advisor resources section of www.givingnh.org.
As another way of enlisting knowledgeable practitioners in the charitable planning arena, the advisor group has also developed the Charitable Networking List - comprising advisors willing to share charitable expertise on an informal, no-fee basis with colleagues. About three dozen advisors have so far agreed to be listed. (See accompanying list.) Others willing to be included on this list as peer resources may contact Deborah Schachter, director of Giving New Hampshire, at 225-6641 or at ds@nhcf.org. Feel free to contact any of the listed professionals with questions about charitable planning techniques.
Attorneys can play a key role in making clients aware of their charitable options, starting most simply with routinely raising the charitable question. While charitable intent will always be the leading motive for charitable giving, charitable planning techniques may also be especially helpful to assist clients in meeting their financial and tax-minimization goals. Opportune situations in which to suggest clients consider charitable options: when they are about to transfer or sell real estate, a business or other highly appreciated assets; or when they are seeking to enhance lifetime or retirement income.
As individuals, each of us can make a commitment to reinvigorate our own giving through whatever means and to whatever causes move our hearts. As advisors to others, you have a special responsibility to invite clients to consider whether they want to leave a legacy to causes or organizations that may matter deeply to them.
As attorneys, you are uniquely well situated to help your clients connect to the causes they care about. Helping clients with their charitable planning strengthens your client relationships, deepens your expertise, is good for your business and is good for our communities.
Attorney Steven Cohen is an officer at Devine, Millimet & Branch, P.A., Manchester. Deborah Schachter is the director of Giving New Hampshire, a project of the New Hampshire Charitable Foundation.
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