Much of the wealth being transferred in the United States today is in the form of highly appreciated illiquid assets: family businesses, closely held stock, interests in limited liability companies, as well as limited partnerships and real estate. For many of our clients, illiquid assets are likely to represent as much as 75% or more of their family net worth. The use of these special assets to meet charitable goals creates potential challenges for (1) the clients who are transferring them and (2) the charities that stand to benefit from the gifts.

If you now have more time and assets to give to philanthropy, you may feel, as we discussed in our previous article, "Enhancing Your Legacy Through Philanthropy," that simply writing personal checks to your favorite organizations is no longer sufficiently gratifying. You may want to set longer-term priorities for your giving, involve other members of your family in the decision-making process, and/or establish a philanthropic program that will carry on your legacy and outlive you.

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