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.

The Giving Game

  • Have each family member write 2 or 3 of the causes they are interested in most each on a 3x5 card (see below for ideas*).
  • Have them pick one or two (or three if you are a small family) and tell about why that one is important to them.
  • Then put similar cards on piles. From the stacks that have the most cards, look for themes that are common to all.
  • Discuss what charities or organizations support that cause.
  • Select one or two and pool your resources for a year-end gift.

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.

Benefits

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).

greater philanthropic impact and tax savings

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!

 

Judy

*Possible interest areas for giving

  • Religious
  • Education, training, scholarships
  • International development
  • Arts and culture
  • Human rights
  • Health care institutions
  • Local community development
  • Homeless shelters, feeding centers
  • Animal welfare
“You must each decide in your heart how much to give. And don’t give reluctantly or in response to pressure. “For God loves a person who gives cheerfully.” And God will generously provide all you need. Then you will always have everything you need and plenty left over to share with others.” 2 Corinthians 9:7-8 (NLT)

Important Disclosures: The information provided here is of a general nature and is not intended to answer any individual’s financial questions. Do not rely on information presented herein to address your individual financial concerns. Your receipt of information from this material does not create a client relationship and the financial privileges inherent therein. If you have a financial question, you should consult an experienced financial advisor. Moreover, the hiring of a financial advisor is an important decision that should not be based solely upon blogs, articles, or advertisements. Before you hire a financial advisor, you should request information about the financial advisor’s qualifications and experiences. Past performance is no guarantee of future results. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Examples provided are for illustrative (or “informational”) purposes only and not intended to be reflective of results you can expect to achieve. Judy Hulsey (“Judy”) works with Allgen Financial Advisors, Inc. (“Allgen”), which is an investment advisor registered with the SEC. Neither Judy nor Allgen provide personal financial advice via this material. The purpose of this material is limited to the dissemination of general information regarding the services offered by Judy and Allgen. It is not intended to be a solicitation or offer to sell investment advisory services to residents of any state in which Allgen is not currently authorized to do so. The Disclosure Brochure, Form ADV Part II, which details the business practices, services offered, and related fees of Allgen, is available upon request.