The Tax Playbook for Professional Athletes
Here is an overview of the major tax issues professional athletes face and why they require a coordinated, year-round approach.
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Charitable Giving
Tax-efficient charitable giving strategies for individuals, families, and family offices.
For many high-net-worth individuals and families, philanthropy is not separate from financial planning, it is part of it. How you give, what you give, and when you give all carry meaningful tax implications, and the right structure can significantly increase the impact of your giving while reducing your overall tax liability. Without intentional planning, opportunities to align your charitable goals with your financial and estate plan can go untapped.
Structuring Your Giving for Maximum Impact
The vehicle you use to give matters as much as the amount. We work with clients on a range of charitable structures, including:
- Donor-advised funds and gifts of appreciated assets
- Charitable remainder and lead trusts
- Qualified charitable distributions from IRAs
Each approach carries different tax treatment, timing considerations, and levels of control, and the right choice depends on your specific situation and goals.
For clients interested in a more formal philanthropic structure, we also advise on private foundations, including formation, governance, and the ongoing compliance requirements that come with maintaining a foundation over time. Where a donor-advised fund may be a simpler and more flexible alternative, we help clients evaluate the tradeoffs and choose the approach that fits best.
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Connecting Charitable Giving to Your Estate Plan
Charitable giving and estate planning are closely linked, and decisions made in one area affect the other. We help clients integrate charitable strategies into their broader estate and gift plans, so that a gift made today does not create an unintended gap in the wealth transfer plan, and charitable bequests are structured to achieve the intended tax outcome.
For families who want to involve multiple generations in their philanthropic legacy, we can help think through governance, succession of advisory roles, and structures that carry charitable intent forward over time.
Discuss Your Charitable Giving Strategy with BPM
BPM’s Charitable Giving professionals help individuals and families develop giving strategies that reflect their values and work in concert with their broader tax and estate plans. Whether you are making your first significant gift or managing an established philanthropic program, we bring the tax knowledge needed to structure your giving as efficiently as possible. Thoughtful giving starts with a clear picture of your goals and your tax situation.
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Looking for a team who understands where you’re headed and how to help you get there? Whether you’re building something new, managing growth or preserving success, let’s talk.