by Kellyann Ozouf, Partner, Collas Crill LLP
'Giving' is becoming increasingly important for many. There has been a global increase in focus on philanthropy and that is very much set to continue. The motivation for giving is inevitably different for each individual and their family. And, likewise, the way in which individuals give also differs.
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Of course, this also applies to the wider community in Jersey who also contribute to local charities and their contributions (by way of donations and their personal time) is of no less importance.
Ways in which to give By way of background, there are different ways in which to give in Jersey.
Briefly, some of our ultra high net worth clients have given or will give in the following ways:
1. Donate to charities or charitable causes directly during their lifetime by making one off or more regular donations ("Life time giving");
2. Leave donations (of money and Jersey immovable property) to local charities in their wills ("Giving on death");
3. Set up structures to which they transfer a sum of money or investment assets which are then applied for the charitable purposes specified in the legal documents establishing the relevant structure or paid to the charities specifically named in the legal documents ("Charitable structures"); or
4. Set up structures as in three above, except these structures are set up with the flexibility of allowing the family themselves to benefit, as well as benefitting charities and applying funds for specific charitable purposes ("Charitable family structures").
his article is focused on how the ultra high net worth individuals in Jersey contribute to our Island and, in particular, our local charities, from a philanthropic
Life time giving
Life time giving is, amongst our clients, very popular indeed. It is the most simple way of giving and a way in which clients can be in complete control, with no input from any 'outsiders'.
Some clients give their personal time to local charities and charitable projects, in addition to making donations. For some of our ultra high net worth clients and their families (both those born on the island and those who have chosen to relocate here), getting involved with local charities and charitable causes is important to them.
It is increasingly becoming so important to them that these clients and their families are looking very carefully at who they choose to partner with and, in particular, the approach taken with regards to corporate social responsibility. Others, even consider the types of investments that they invest in (with social impact investing being a key factor).
Giving on death We see clients leaving donations to charities under their will, in the form of outright gifts and monetary sums being transferred into Charitable structures and Charitable family structures which only come into effect on the death of the client.
A will, for some clients, is preferred for the following reasons:
1. They can change their will at any point with relative ease and so if their personal circumstances should impact on their desire to benefit a particular charity (one perhaps that they had not considered previously) they have the flexibility to do that with very little involvement of anyone else (other than a lawyer to amend their will); and
2. In the event that they should fall on hard times (even if
Beyond 20/20 - Philanthropy
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