Philanthropy

“Billanthropy” was the front page headline of the Economist. Bill Gates had decided to give away his fortune. Warren Buffet was so impressed he gave his fortune to Bill for him to give away as well. Tom Hunter made front page news in the UK when he decided to put his wealth into a charitable foundation. Bill Clinton has just written a book on Philanthropy that is in the NY Times Bestsellers list. “Millionaire’s Mission” and “Secret Millionaire” were hit TV series as the cameras followed people with wealth seeking to do good with their money, skills and time. Hardly a day passes without news of Philanthropy hitting the headlines.

It was not long ago that the only people of wealth to hit the headlines in the UK were the so called “Fat Cats” and “City Slickers”. It seems that “giving is the new greed” as people of wealth seek to outdo each other in the giving leagues. Charity dinners and auctions are oversubscribed and “giving” is replacing “taking” as being deemed newsworthy.

At Truestone we have always believed that philanthropy is a responsibility of wealth. Many of our clients are generous; giving to charities both in the UK and internationally, however for most people ‘giving’ remains an emotional response to an appeal and is often spontaneous rather than planned.

In 2007 Truestone appointed a full-time Philanthropy Consultant to work with our clients on their planned giving. Since then we have partnered with a charity named “Giving Works” to provide our clients with an excellent vehicle for their giving. (Details below). We have also sponsored another organization, “Trusts in Partnership” to educate people in philanthropy through a roadshow of events called “BeSignificant” which aim to encourage the personal responsibility of wealth.

With the media attention on wealthy Philanthropists and regular appeals for donations that appear in your mail boxes it is often difficult to asses your own role in Philanthropy. We would suggest that you begin by asking to meet with our Philanthropy Consultant who will help you see and understand the opportunities.