Charitably inclined means you give time, energy or resources to known organizations that are near and dear to your heart. For example, charitable giving can include annual donations to a camp or university that really impacted your life or volunteering at a local food pantry or shelter for victims of domestic abuse. Here is an article that outlines some tips: Top Tips For Effective Charitable Giving – St. Louis Trust & Family Office (stlouistrust.com)
When giving charitably, you probably do your research, act selectively and periodically monitor your donations. Being charitable is a very personal decision so do what makes you feel good!
Being philanthropic means you strongly believe in a cause and want to leverage your gift to make a larger impact. For example, you feel strongly that more research is needed for finding cures to rare diseases. Giving money to a national research foundation which supports various organizations’ research projects through special grants is one example. This Schwab paper outlines some tax smart philanthropy: Tax-Smart Philanthropy for 2022 | Schwab Charitable Donor-Advised Fund | Schwab Charitable
No matter when you gift, who you gift to or what you gift, you may need help determining what is the most effective: What makes the most sense given your unique situation?
- Writing a check
- Transferring highly appreciated stock
- Sending a Qualified Charitable Donation (QCD) from an IRA
- Funding a donor advised fund (DAF) from which to gift now and in the future
- Establishing a charitable remainder trust (CRT)
At WPC, we have been helping individuals and families define and achieve their giving goals for 25+ years. We can help you navigate your gifting approach with intention and purpose.
WPC is a trusted advisory firm for individuals and families for all their financial topics and investment management needs! Our goal is quality, custom advice, exceptional service, and follow-through with every client encounter. We seek to educate each client and increase their financial confidence.
