Charitable Giving Financial Planning
Charitable giving is much more than donating to the well-known causes you come across. It’s an opportunity for your hard-earned money to reflect the big changes you want to see — and to transform the lives of future generations. All while maximizing your tax savings.
Start by asking yourself, “What’s my vision of a better world?” Then focus your charitable giving on organizations aligned to turning your vision into a reality.
And once you’ve decided which charities to support, you’ll want to plan for:
- How much and when to give
- Which charitable donations can reduce your tax burden
- How to best establish your philanthropic legacy
These can be tough issues for donors to figure out on their own. That’s why so many generous families and individuals turn to a fee-only, fiduciary financial advisor in the Wealthramp network. An experienced advisor can help you create a sound charitable giving plan as part of your overall tax-focused financial plan.
Key charitable giving questions a fiduciary financial advisor can answer
- How do I move from simply donating money to charity to giving with purpose?
- How can I maximize my charitable giving tax deductions?
- How do I make sure the charities I support are using my donations wisely?
- What charitable giving vehicles are available? Which ones make the most sense for me? How should I invest the assets held in a charitable vehicle?
- How do I incorporate charitable giving into my estate plan?
“There are only three places you will leave your money when you are gone: your family, your community and favorite non-profits, or the government. Putting a plan in place gives you the control over your legacy.”
- Matt Roberts, CFP®, Wealthramp Network Advisor
Charitable Giving Challenges
How a financial advisor in the Wealthramp network can address your charitable giving challenges
Serving as your financial advocate, your financial advisor in the Wealthramp network works directly for you. Collaborating with your CPA and your estate planning attorney (which they can help you find), your financial advisor can help you develop a comprehensive charitable giving strategy that enables you to:
Your financial advisor can also help you conduct background research on charities you’re considering supporting. And if you establish a charitable vehicle with investable assets, your financial advisor can manage the assets in these accounts to keep them growing over time.
Maximize your charitable giving impact with a Wealthramp Network Advisor
The biggest charitable giving mistakes well-intentioned donors make
Donating money to charity on impulse, rather than focusing your generosity on causes and organizations you truly care about
Gifting to charities without thoroughly researching them
Neglecting to create a plan that will support your favorite charities after you’ve passed on
Failing to take advantage of the many tax benefits of charitable giving
Taking a tax hit by selling appreciated securities or assets before you donate them to charity