Meet our PALC Chairman Rick Kissel
CICF’s Professional Advisor Leadership Council (PALC) board chair, Rick Kissel, gives tips for how to talk to clients about their charitable intent and shares his hopes for the city of Indianapolis.
Tell us about your practice.
I head the Private Client group of the Indianapolis office of Taft Stettinius & Hollister LLP. I spend most of my time working with clients on their estate, business succession and charitable planning goals. The most significant part of my job involves helping my clients achieve their goals in a tax efficient manner by minimizing estate, gift and income taxes.
Why do you think it is important to talk to your clients about their charitable intent?
Charitable giving is a significant, and occasionally primary, goal for many of my clients. My clients often feel a real sense of fulfillment and satisfaction as a result of their charitable giving. The portion of the planning process devoted to charitable giving is often the most “fun” part of the process for many clients.
How do you start that conversation?
I ask my clients about the charitable causes and organizations they have benefitted previously, by gifts of time and/or money. I ask the clients if they want to provide for any of those causes or specific organizations, or any others, in their estate plans. If the clients have not been charitably active previously, I ask them if there are causes or organizations they might want to benefit if it could be done mostly at the expense of the IRS rather than their families.
What is your advice to clients about passing on charitable values and charitable dollars to future generations?
Lead by example and involve the children and grandchildren as soon as they are old enough to understand the process. Consider setting aside at least a portion of the funds the client is giving to charity on an annual basis and allow the family as a group to decide which organization(s) should receive the funds.
What has been your experience on PALC and why would you recommend it to other professional advisors?
PALC has been a terrific experience for me. I have learned a great deal about the needs of Central Indiana, what motivates clients to make charitable gifts, and many other things. In doing so, I have also deepened my professional and personal relationships with many people of influence in our community. It has been a terrific experience and I would highly recommend it to anyone who has the opportunity to be a member of PALC.
How has CICF been a good partner for you and your clients?
The staff at CICF knows more about the charitable landscape in Central Indiana than anyone and can be of immense help to clients in formulating and executing their charitable plans.
What are your own personal interests and passions in the City?
I am most interested in assisting at-risk youth as a better future for them results in a better future, both socially and economically, for Indianapolis. I am also very interested in promoting the arts here as they make Indianapolis a more vibrant and attractive place in which to live. In the future, I would like to help promote Indianapolis as an open and tolerant city that is a wonderful place for all people to build a life.
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