20: Philanthropy & Estate Planning for Business Owners with Priya Royal
Priya Royal is a charitable planning expert and is also the founder and Managing Attorney at Royal Law Firm PLLC a women-powered, international private client services firm. Priya joins Nana on Build Value By Choice to talk about her work in philanthropy and how you should be estate planning as a business owner. Find out how people from outside your network can benefit a community and the different services a tax attorney can provide when compared to an accountant.
KEY TAKEAWAYS
Powerful Progress is a 501(c) (3) nonprofit bringing together industry leaders and professional experts in law, finance, and technology, to empower locked out communities with information, networks, entrepreneurship, and access to support wealth building across generations.
A great way to grow both individual and community skillsets is to give them access to mentors who belong to a more aspirational status than them. This way skills can be passed from those in more privileged communities to those who are unable to gain that information in other ways. It’s about creating accessibility between networks.
Tax = money. Every time money is the answer then you should start with a tax attorney. Getting your tax structure right will ensure you have access to credit and are covered for liabilities.
A tax advisor can give legal advice and accounting advice, whereas an accountant can give accounting advice, but not legal advice.
Philanthropic planning allows you to support the causes you care about while also being able to deduct certain costs from your taxes. The best philanthropic plans allow you to make a difference over a long sustained period of time. There are many types of trusts you should discuss with your financial advisors.
One of the biggest mistakes people make is believing that philanthropy is only for the wealthy.
BEST MOMENTS
‘Escape planning is about planning for life, not planning for when you die’
‘You feed the individual and grow the community’
‘It’s essentially a math game’
EPISODE RESOURCES
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Powerful Progress
Royal Law Firm
Heritage Auctions
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ABOUT THE GUEST
Priya Prakash Royal Esq., LL.M., MBA is an established tax law and charitable planning expert, has been published by the ABA, Bloomberg Tax, and various trade journals, including Heritage Auctions, and a frequent speaker at bar associations, national, and international conferences, and events, including the DC Bar, NAPABA, SABA, USPTO, National Appraisal Institute, AIP, CentreLink and various podcasts. Drawing from her own experience of invisibility and lack of access as an immigrant and minority woman, she co-founded Powerful Progress Inc., a 501(c)(3) nonprofit channeling expertise to create financial sustainability across locked-out communities. She is the Vice-Chair of the DC Bar Steering Committee in Estates, Trusts, and Probate Law, the Tax Chair of the South Asian Bar Association North America, NAEPC member, and was named Rising Star by Super Lawyers in 2021.
Priya is also the founder and Managing Attorney at Royal Law Firm PLLC a women-powered, international private client services firm focused on tax-efficient wealth, business succession, and philanthropy planning. As a former IRS Estate Tax attorney, Priya is particularly familiar with estate and gift tax, especially charitable planning, and valuations. She has been retained as tax advisor, including by other tax attorneys for her charitable planning experience, and as expert witness on sophisticated trusts and estates cases. She is personally and professionally invested in bridging gaps, and she especially enjoys sharing her expertise and perspectives on integrating philanthropy in all sectors, whether cryptocurrency, entertainment, technology and innovation, or education.
PODCAST DESCRIPTION
Hosted by Nana Bonsu of Infinite Horizons, this show aims to serve small business owners who want to grow their businesses while reducing their own personal involvement. We do this through a combination of interviews with industry leaders, and host presentations. We are certified value builder advisors and leverage a statistically proven methodology to help clients such as you scale or transition their business to the next chapter.
We care for our listeners and see their dreams as our own. We aim to foster a community that embraces freedom, generosity, and integrity. This is a show by entrepreneurs and business owners for entrepreneurs and business owners.
ABOUT THE HOST
Nana Bonsu:
“I am an entrepreneur and ex-Corporate Executive who’s applying his experience and knowledge from working in various ways to pursue my passion of helping small business owners increase their choices in life by leveraging my knowledge and experience, their employees, systems and money. I help small business owners transform their business and increase value through action-oriented education and implementation of strategies and tactics to make their business sellable even if they are not planning on selling. Known for establishing an environment for personal growth and development. My multicultural background equips me with the intuitive understanding of different cultures and how they impact business owners.”
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