Most people do not take advantage of using charitable giving to minimize taxes. This is understandable because most people's experience with charitable giving is limited to gifts of cash every now and then. But remember, we are not just talking about cash money here. We are talking about stocks, bonds, real estate, your boat, your rod, reel and tackle box. All your assets need to be considered when making an estate plan.
Involuntary philanthropists are philanthropists by default.
That is, they failed to plan ahead and they donated to the Internal Revenue Service. You can see from this chart that involuntary philanthropists lose large portions of their wealth to the government in the form of taxes. Let's look at the smart side. Voluntary philanthropists plan ahead. They choose how the dollars they have earned over their lifetimes will be distributed.