Charitable giving is not only for those with a charitable heart, but is an excellent tool many people can use to improve their own financial well-being, according to Henry L. Whiffen, president of the Financial Resource Group, which has offices in Salt Lake City and Provo.

In addressing the LDS Foundation in Provo, Whiffen said charitable strategies can be used to eliminate capital gains taxes when selling an asset, decrease income tax, increase cash flow, eliminate estate taxes, increase the inheritance to heirs and even keep assets safe from malpractice claims while significantly benefiting society though gifts to charity.Whiffen has spent 25 years studying the techniques used by American's wealthiest families to successfully and legally pass wealth from one generation to the next without paying estate taxes.

While most people feel that making a contribution is costly to the donor, Whiffen used several case histories to show that charitable planning techniques proved to be profitable to the clients.