What Are You Having for Dessert?

Today, I am honored and humbled to receive the “Outstanding Advisor” award at the National Philanthropy Day celebration by the Fort Worth Metro Chapter of the Association of Fundraising Professionals.

November 15th is National Philanthropy Day. The day recognizes the great contributions of philanthropy—and those people active in the philanthropic community—to the enrichment of our world.

When asked for my views on philanthropy as an estate planning advisor, here are my thoughts:

The most gratifying part of my estate planning law practice is to help families with their charitable planning. Not only does the community benefit, but the family who is giving gets back even more than it gives. Philanthropy helps build and pass down a family legacy, providing glue to keep future generations connected. Not everyone can play a role in a family’s business or investments, but everyone in a family can be part of philanthropy.

In accepting the award, I described the estate planning process as a menu with a main course, appetizers, and dessert. The main course is planning that provides for you and your spouse. Appetizers are trusts that you create now to provide for your children and other loved ones. Then, after taking care of yourself and your family, you get to the fun part—dessert. For dessert, create a charitable vehicle such as a Private Foundation or Donor Advised Fund to benefit causes important to you and your family.

Such an estate plan provides for you, your family, and the community. Moreover, it leaves your heirs two important forms of inheritance: a traditional inheritance to provide for their needs, and a second inheritance allowing your heirs to provide for others. Through such as plan, you’ll make great headway in building a family legacy.

Marvin E. Blum

Marvin Blum celebrating his “Outstanding Advisor” award with mother Elsie and wife Laurie.