Plan Ahead to Give
Now is the time to plan your year-end giving. But don’t just make it a financial decision, make it a meaningful decision by creating a family project focused around values. After the dinner table is cleared, make a game of exploring causes that resonate with each family member. Here’s an idea that might make it more fun.
Family Values Discussion
In summary, discuss why that particular project reflects your family’s unique values. Then use it as a springboard to discuss how those values shape what your family stands for. You might choose to write those values down as they become part of the record of your family heritage.
Your family will start to understand that financial wealth is a means for doing good and not an end for mere personal gain. It will help to develop charitable philanthropic lifestyles in the younger generations and instill a joy of giving in all. Collectively, family money can promote what the family values and make a difference in the world.
Strategies for Maximizing Your Giving
With the possibility of tax reform in 2018 and a strong market, this December may be an excellent opportunity to maximize your giving to your favorite cause. The improving economy and strong market performance have generated appreciation of investment assets. Some of these can be donated to offset higher tax bills, which means more money available for giving.
A recent post from Schwab illustrates the potential of donating $100,000 with two scenarios indicating the greater philanthropic impact and tax savings through appreciated investments. See the chart below (Read the article in its entirety at: https://www.schwabcharitable.org/public/charitable/nn/charitable-giving-history.html).
Year-End Giving Deadlines
For details on giving deadlines, see https://www.schwabcharitable.org/public/charitable/features/giving_deadlines
- For assets held at your financial institute, contact them for the necessary paperwork several days in advance of the year end.
- For wire and electronic transfers—December 28
- Checks must be postmarked by December 31
Please call me if you have specific questions about your year-end giving.
Merry Christmas and Happy Holidays!
- Education, training, scholarships
- International development
- Arts and culture
- Human rights
- Health care institutions
- Local community development
- Homeless shelters, feeding centers
- Animal welfare
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