What we can learn from Michael Jordan's record setting donation

Brittany Slater |

Someone in my house is a HUGE Michael Jordan fan. So naturally, when the latest news of MJ's Big Donation hit the news, a friend of mine asked me what my thoughts were on it. "Great question", I thought… 

Many athletes, celebrities, and wealthy individuals put together elaborate estate plans to protect their wealth and pass it along to their heirs responsibly. Some don't have heirs to pass it to, so they choose to bequeath their wealth to charities and causes that they are passionate about. While others (like Shaquille O'Neal or the Oracle of Omaha, for example) are very explicit that their children won't be getting much of an inheritance after their death, if any, because they want their kids to have the same drive, work-ethic, and passion that they did. Now I'm not saying any of these are better or worse than others. Everyone is unique and gets to make their own plan for their money that aligns with their values. 

Regarding Michael Jordan, his donation “kills two birds with one stone,” as my grandmother used to say. 

1. He's giving a huge donation to a cause he's passionate about and,

2. He's getting a significant tax benefit as well 

Jordan can feel good about making a great impact, he can see that impact lived out during his life (so many donate after death and don't get to see the ripple effect of their giving) and he gets to receive a solid write off on his taxes. Win. Win. Win. 

There are multiple strategies for charitable giving, from Charitable Remainder Trusts to Donor Advised Funds, but the key element that needs to be addressed first is a setting up a solid estate plan for your unique circumstance with your Trusted Estate Attorney. And, if you're reading this and you don't have a plan or have not reviewed your plans for many years, let this be your reminder that it's time to get it setup. We work closely with many trusted advisors in this space that we'd be happy to introduce you to. Feel free to reach out to us at info@claritycapitalllc.com for further details. 


This article was written by Brittany Slater-Gautreau, Sr. VP at Clarity Capital Partners.

*This content is developed from sources believed to be providing accurate information. The information provided is not written or intended as tax or legal advice and may not be relied on for purposes of avoiding any Federal tax penalties. Individuals are encouraged to seek advice from their own tax or legal counsel. Individuals involved in the estate planning process should work with an estate planning team, including their own personal legal or tax counsel. Neither the information presented nor any opinion expressed constitutes a representation by us of a specific investment or the purchase or sale of any securities. Asset allocation and diversification do not ensure a profit or protect against loss in declining markets.Investment advisory services offered through Clarity Capital Partners LLC, a registered investment advisor. Securities offered through American Trust Investment Services, Inc. Member of FINRA/SIPC. Clarity Capital Partners LLC is not affiliated with American Trust Investment Services, Inc.