The ethos of philanthropy is embedded in ‘giving back’ to the benefit of broader society and the greater good.
It is a selfless act – one that is often undertaken anonymously – and is typically aligned with the values of the individual, family or organisation. It is also a very personal act. Motivations can include passion for a cause that has touched family members, a sense of obligation, a religious belief, or even a lack of heirs.
Charitable and philanthropic planning is increasingly being incorporated as part of an overall financial strategy, as we seek to contribute to society, particularly those less fortunate.
The impending intergenerational wealth transfer, which is set to be the largest in Australia’s history, will only increase the spotlight on the need for professional and robust philanthropic strategies.
While the motivations are well intentioned, structuring a philanthropic strategy appropriately is critical to it being both effective and enduring.
How we help clients
HLB Mann Judd has developed a specialist service offering to facilitate the increasing interest in philanthropy within the community.
We work closely with our clients in establishing the motivations for their charitable causes before identifying the most appropriate fund structure for doing so.
Importantly, we discuss the tax status of the nominated structure, and whether it is eligible for DGR status. The amount of funds to be invested, together with any legacy aspirations, are key in determining the right structure and its future success.
Our professional guidance will ensure philanthropic structures are established correctly within the legal framework, and that investments are well-managed, tax advantages are maximised, and grants are directed effectively.