The Cost of Leadership
You are an accountant, and one of your elderly, but very competent clients has asked you to meet with the gift planner from the community youth center where he made a major outright gift last year as honorary chair of their capital campaign. The client is considering making a planned gift to help fund an endowment to provide for maintenance and upkeep on the new facility. You have advised the client not to make the gift because he has already reached the maximum on his charitable deductions, even with the five-year carry over. You suggest that he wait a few years before making another gift. The client has told you that he thinks it is important to make this gift now, because the gift planner has said that his gift will show leadership and help encourage others to do the same, which is something he would like to do.
As his accountant, how do you respond to your client?
How do you approach a discussion with the gift planner?
