SEASON OF GIVING Celebrate the Season with some extra cheer
YOU COULD WIN $ 5,000
“I believe strongly in giving back to the community, so I think it’s fantastic that we’re seeing an increase of philanthropic involvement.” Aaron Tunison, Senior Vice President and Senior Wealth Planning Strategist, California Bank & Trust
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Looking back at the past six years that he’s been with CB&T, Tunison says he’s seen more of that activity—that tendency for employees to get involved in charitable causes. “Personally, I believe strongly in giving back to the community, so I think it’s fantastic that we’re seeing an increase of philanthropic involvement, whether it’s working in a soup kitchen or feeding the needy during the holidays and things of that nature.” Gifting as part of estate planning On the bank client side of philanthropic giving, it’s still the province of the wealthy, as Tunison points out. Although there are several avenues for less- affluent individuals to structure charitable giving into their estate planning, the overwhelming number—and amounts—of philanthropic investments are made by the extremely wealthy. “In my world, a lot of times, people factor in the tax benefits of charitable giving into their financial planning, and that’s one of the primary drivers for this kind of estate-based planning,” he said. “Of course, there’s always an underlying commitment to the cause, to the mission of that charity. I even have some clients who go so far as to create their own
foundations to support causes that they strongly believe in.” Indeed, while tax breaks are a big factor in structuring charitable giving, legacy estate planning offers many individuals a chance to personally fulfill their lifelong goals for ongoing generational giving to their most heartfelt causes. And that’s precisely where Tunison says he devotes the bulk of his work on behalf of CB&T. “In many cases, we’re helping our clients transition from having been a business client to a wealth management client, helping them continue to accomplish their personal financial goals.” This involves developing sophisticated estate planning and business succession strategies. For clients interested in establishing multi-generational philanthropic giving into their estate planning, Tunison urges them to include their families in the discussions surrounding their goals. “Regardless of what causes or charitable organizations you ultimately choose to support, keep in mind that, in addition to being personally fulfilling, it enables your family members to carry on that tradition of giving far into the future, and that is, without a doubt, a winning strategy for everyone.”
QUALIFYING TRANSACTIONS • Add and pay a new bill • Set up a new auto payment for eBill • Set up a new recurring payment • Activate a new eBill • Send $5 or more to a new person using Zelle®
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5. See page 33 for important details and disclosures. Complete a qualifying transaction between November 1, 2023 – December 31, 2023 to be entered.
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IN YOUR CORNER ISSUE 15 | 2023
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