Earlier this week, we were honored to host brothers David and Marc Stanley for a webinar alongside the Dallas Jewish Historical Society, where we discussed the Stanley family legacy. We talked about legacy and lifetime gifts made by the Stanley family, primarily focused on David and Marc’s mother, Dr. Renee Stanley, of blessed memory. She gave tirelessly of her time and resources to the Jewish community, locally, in Israel, and around the world – with special passion for arts and cultural organizations.
Three considerations for philanthropic giving during your lifetime vs. in your legacy:
1: Control & Involvement:
- Lifetime Giving: Donations are made during the donor’s lifetime, allowing them to see the impact of their contributions.
- Legacy Giving: Donations are planned to be given after the donor’s death, often as part of their will or estate planning.
2: Timing of Contributions:
- Lifetime Giving: Donors have more control and involvement in how their funds are used, including the ability to make adjustments and ensure their goals are being met.
- Legacy Giving: Donors have limited control and involvement since the contributions are made posthumously, relying on their instructions and the trustworthiness of executors.
3: Tax Implications:
- Lifetime Giving: Donors can benefit from immediate tax deductions and potentially reduce their taxable income during their lifetime.
- Legacy Giving: These donations can reduce estate taxes, benefiting the donor’s heirs by potentially decreasing the taxable value of the estate.
