For many successful people and families, living a life of significance includes charitable giving — contributing to the causes they care about and making a difference in the world. Having those purposes makes charitable giving one of the most fulfilling and important components of one’s wealth plan.
Giving can begin by simply writing checks or giving cash when you are compelled. However, our clients report finding much more satisfaction and fulfillment after reflecting upon and getting clear what causes matter to them and how they can best use their wealth and resources to make a difference.
Once the objective is known, then the charitable strategy can be designed. Many factors go into assessing which strategies are best for helping our clients support their causes. Some include, but are not limited to:
- When the charity receives the gift – now, in the future?
- How much?
- Timing – How does your tax situation this year compare to future years?
- What type of assets? Cash, publicly-traded stock, privately held business interest, real estate?
- From which account? Retirement account? Which saves the most in tax?
- Capabilities of charity to accept? Utilize donor advised fund?
- Charitable trust to benefit charitable causes and loved ones?
- Desire to have future generations have a say into which causes charitable giving goes?
