Ralph G. Adamo, CEO of Integrity Wealth Management, Responds to Decline in Charitable Giving

The consequences would be tragic if charities severely cut back on the good work they do because of the generalized decline in giving. But at the same time, charitable foundations must understand that, just like any viable enterprise, they need to respond to changing financial and economic circumstances by delivering greater value to their supporters. Old fundraising models, formal balls and auctions, have been less successful in recent years and development people tend to burn out over time continually asking for gifts. Dramatic increases in government spending will undoubtedly lead to higher taxes, causing high net worth individuals to revisit their estate plans and recalibrate the assumptions underlying their wealth management strategies. If they can be shown how to meet their personal and family concerns, while securing the financial future of their favorite charities, they will have turned their success into a significant legacy.