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Robert Paul, Partner in the US Family Office spoke to John Canady, CEP at NPT UK and Iain Younger at Frank Hirth about giving philanthropically to ensure that the maximum benefit is acheived, we have summarised their discussion below.
Altogether, charitable giving is a way of life for many Americans. In 2017, charitable giving in the US reached an estimated $410bn* (£315bn), a figure that far outpaces the £10.3b** given to charity in the UK in the same year.
Charitable donations and philanthropy are increasingly being done with wealth managers and accountants in the US, in part because donations come with tax advantages and form part of a holistic financial plan. For Americans living in the UK, they face specific challenges, especially if there is a desire to support charities in both countries.
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