highest and best use of capital is not to make more money, but to make
money do more for the betterment of life."
profound words were spoken by Andrew Carnegie. Social Capital can be
described as that part of your total wealth, consisting of income and
assets that you have earned but are not allowed to keep. According to the
Unified Federal Gift and Estate Tax law, once your wealth exceeds
$2,000,000, a portion of the excess
must be shared with society, i.e. taxes. This portion which you must share
is your social capital. Social capital consists of a part that you do not
control, government directed or taxes and that part that you may control,
self-directed as in charitable trusts. It is the latter that empowers us
to direct the fruits of our labor. It allows you to personally and
powerfully affect the future and leave a lasting legacy.
setting up one or more charitable trust instruments, you can personally
and powerfully impact your community or other institutions that will
perpetuate the principles and values that most accurately reflect your own
effect, you can become a philanthropist by simply choosing to self-direct
your social capital or instead choose the default to the government, as in
taxes. Of this you can be certain, significance
is never accomplished through defaulting to someone elseís agenda!
the secret to attaining personal significance, secure in the
knowledge that your life has made a difference, is to make the
decision to self-direct your Social Capital through a charitable trust or
family foundation. And all of this significance can be accomplished
without a reduction in current income or disinheriting your children and
all in the planning!
For more information, contact:
Planning Services, Inc.
573 Millwood Road
Chappaqua, NY 10514-1317
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