DALLAS - Karla D'Alleva Valas, a managing director of the Complex Asset Group for Fidelity Charitable, says she cringes during her church's services when congregants drop envelopes of what she assumes is cash into the donations basket. Why? Cash is expensive, she told advisors at the Women Advisors Forum on Thursday.
But that’s not the only reason D’Alleva Valas would rather see philanthropic impulses be fulfilled with a transfer of complex assets instead. “That’s what people have,” she says citing Fidelity’s 2012 Charitable Advice & Giving study. According to the study of wealthy individuals – with income of at least $100,000 and at least $1 million in investable assets – who work with an advisor, 34% have the bulk of their net worth in privately held businesses, something other than cash or publicly traded stocks.