You can fulfill your passion for advancing meaningful causes with a holistic plan that includes strategic giving initiatives. You can implement strategic giving initiatives to make your donations go further for your chosen organizations while also creating an efficient plan.
The strategic giving initiatives you should evaluate on an ongoing basis include the following:
- Gifting appreciated assets: Besides providing tax advantages, a property gift instead of cash can help you meet your charitable objectives while holding on to your cash. (Source: American Endowment Foundation)
- Donor-advised funds: This tool offers you immediate tax deductions and can potentially reduce capital gains taxes and estate taxes. You can retain anonymity and establish a legacy of giving. (Source: Nerd Wallet)
- Private Family Foundation: Forming your private family foundation can magnify your philanthropic impact, establish your legacy, and bring your family together. Of course, there are financial benefits, including reduced income taxes, possible avoidance of capital gains, reduced or eliminated potential estate taxes, and the ability to grow charitable funds in a tax-advantaged environment. (Source: FoundationSource.com)
You’ve given your time and talent. With strategic giving initiatives, you can assure that you’re giving your treasure in the most efficient and fulfilling way possible.