When wealth arrives quickly, generosity – and planning – can be the key to helping it endure.

Maybe it’s the moment the stroke of a pen makes the sale of your business official.

Or the one when a signing bonus becomes a signed deposit.

It might even happen while you’re surrounded by family and cameras as your name is announced from the draft stage.

“I call them wealth epiphanies,” said Chip Bauder, a leader in premier wealth solutions at Raymond James. “When money is in motion, it’s life-changing.”

However one finds you, a wealth epiphany can shift your circumstances in an instant. Ensuring that instant can be the first in a succession that builds toward a lasting legacy lies in the planning.

“Significant wealth events are opportunities to assess your current strategy as well as your goals for the next phase of your life and, also, to seriously consider the impact you want to have on future generations,” Chip continued.

While the word “epiphany” speaks to the suddenness with which these events arrive, another e-word evokes the capacity they have to build something far bigger: endow.

Charitable giving is just one of the facets of a financial legacy, but it’s one that can create a positive feedback loop not just of greater good, but potentially of greater wealth.

First published in 2000, the Social Capital Community Benchmark Survey found, maybe predictably, that as wealth increases, so does charitable giving. However, some social scientists, including Harvard’s Arthur C. Brooks, believe the survey data also indicates a causal link between increased rates of giving and increasing incomes – that as people give more, they begin earning more.

That possible correlation could be one worth exploring if you’re anticipating your own wealth epiphany, and the first step toward making the most of the moment is planning for how you’ll meet it.

Plan for what you can

Ideally, a wealth epiphany is one you can see coming, giving you a somewhat predictable timeline with which to strategize. Getting ahead of the event, even imprecisely, can help you avoid or blunt potential obstacles (like income and estate taxes) while creating charitable momentum you can continue to refine over time into an approach that balances your philanthropic impact with your generational goals.

In the case of business owners, for example, it’s best to start the charitable conversation six months or more before a planned sale date. That gives you enough runway to sit down with professionals to map out the personal side of a business transaction – Who will benefit in the near term? How are taxes being planned for in the year of the transaction and when the wealth ultimately transfers? Will some or all of the proceeds be earmarked for investment? Which giving tools are most aligned to your goals?

Because a wealth epiphany puts time at a premium, using yours wisely – to reflect on your goals for giving and your loved ones, and to weigh which charitable tools will serve them – is vital.

To lead or leave

As you begin building a charitable legacy, there’s no shortage of philanthropic vehicles at your disposal. Because significant wealth events introduce the element of timeliness, however, exploring options that prioritize flexibility could be a good place for you and your professional advisors to begin.

Charitable lead trusts (CLTs) and charitable remainder trusts (CRTs) are giving instruments designed to offer multiple benefits, depending on your goals. While giving is central to both, other objectives, including personal income and tax-efficient wealth transfer, round out each offering.

As the name suggests, charitable lead trusts lead with philanthropy. In a CLT, a donor contributes assets to establish the trust and selects charities to receive regular payments from it over a fixed term. Once the term expires, what’s left is distributed either back to the donor or as a gift to a designated beneficiary. Essentially, a CLT allows you to support a good cause consistently over time, while also systematically shrinking the size of your taxable estate, ultimately reducing – and possibly eliminating – federal estate taxes for your heirs.

In addition, CLTs:

• Allow you to choose the term of the trust and the size of the charitable payout
• Can be structured to allow either the donor or the trust to take a partial income tax deduction
• Can be funded with different asset types, including securities and property

Essentially the reverse of CLTs, charitable remainder trusts set charities up to experience their own wealth epiphanies. Because the trust is initially established to provide income to the donor, giving is the “grand finale” of a CRT, with remaining assets left in full to a designated charity.

CRTs also allow you to:

• Set the term of the trust, either for your lifetime or a fixed period of up to 20 years
• Take a partial income tax deduction for up to five years after the initial gift is made
• Benefit from a deferred capital gains tax on the sale of the trust assets
• Potentially reduce or even eliminate estate taxes

Whatever your goals and whenever – and however – your windfall may arrive, thinking about it in terms of your larger legacy can help ensure it lives far beyond any one moment in your story.

This article is not a recommendation and you should consult with your financial advisor for advice based on your personal situation, financial goals and objectives. Raymond James does not provide tax or legal advice. Please discuss these matters with the appropriate professional.