“Cart Before the Horse” Philanthropy
From talking with professional tax and legal advisors, there seems to be a plethora of well- informed and knowledgeable advisors who advocate “cart before the horse” philanthropy to their clients. Such philanthropic advice comes in several varieties, and most often begins with “How.” Perhaps the advisor asks, “How much do you want to save in taxes?” or “How would you like to avoid capital gains on your sale of appreciated securities?” or “How much do you want to leave to your favorite charity?” Yes, in the right context, these questions are certainly valid, but when asked in regard to philanthropic matters, they tend to place the “cart before the horse.” For an advisor to engage a client in meaningful dialogue [...]
