The Philanthropy Roundtable, founded in 1991, is America’s largest network of donors committed to protecting philanthropic freedom, upholding donor intent, and strengthening our free society through charitable giving. And here to discuss their work and some of the issues where they’re currently engaged is Elise Westhoff, the President and CEO of The Philanthropy Roundtable.
ProPublica’s recent investigation revealing that the top 25 wealthiest Americans have paid little and sometimes nothing in federal income taxes has resulted in demands to rewrite the tax code. And there are other calls to rewrite the tax code as well, such as for reforms that would accelerate charitable giving.
Those who are advocating for new rules on foundations and donor-advised funds suggest working charities have lost $300 billion in recent years due in large part to the proliferation of donor-advised funds. At the forefront of this initiative is Ray Madoff, a professor at Boston College Law School, where she teaches and writes in the areas of philanthropy, policy, taxes, property, and estate planning.
There is a massive transfer of wealth occurring, some $35 trillion over the next 20 years, as the baby boomer generation passes on. Is there a way that more of this wealth can be directed to charitable causes and nonprofit organizations? Well, a company by the name of FreeWill believes that there is, and has created an easy and simple process that helps make it possible. And it’s a pleasure to have with us tonight the Co-founder and Co-CEO of FreeWill, Patrick Schmitt.