Bob Barker is best known as the beloved host of The Price Is Right, the longest-running game show in American television history.
Barker passed away in August 2023. The majority of his estate was donated to 40 different animal and military charities, which was no surprise, given his life as a vegetarian and an outspoken animal rights advocate.
In this episode, WealthManagement.com's David Lenok speaks with David Handler, a partner at Kirkland & Ellis, about adding charitable giving to legacy plans and what should be considered when choosing how to donate. They explore how charitable donations impact beneficiaries from a financial standpoint as well as the tax implications and how that money could be used after donating.
David discusses:
- Different types of charitable donations;
- How charitable donations impact legacy planning for beneficiaries;
- The tax implications of leaving money to charity;
- The limitations of directing where donations will be spent within a charity;
- And more
Resources:
Connect With David Handler:
Connect With David Lenok:
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- WealthManagement.com
- LinkedIn: David Lenok
- LinkedIn: Informa
- LinkedIn: WealthManagement
About Our Guest:
David A. Handler is a partner in the Trusts and Estates Practice Group of Kirkland & Ellis LLP. He concentrates his practice on trust and estate planning and administration, representing owners of closely-held businesses, family offices, principals of private equity and venture capital funds, individuals and families of significant wealth, and establishing and administering private foundations and other charitable organizations.
David is a fellow of the American College of Trust and Estate Counsel (ACTEC), and a member of the NAEPC Estate Planning Hall of Fame as an Accredited Estate Planner (Distinguished). He is the creator or co-creator of the “HEET trust,” the “RPM Trust” and the “Guaranteed GRAT,” among other innovations. David is also a member of the professional advisory committees of several nonprofit organizations, including the Chicago Community Trust, The Art Institute of Chicago, The Goodman Theatre, WTTW11/98.7WFMT (Chicago public broadcasting stations) and the Jewish Federation of Metropolitan Chicago.
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