Today is National Nonprofit Day! Supporting community and philanthropic organizations you care about can be a fulfilling part of your life, and an important way to carry on your legacy. Especially during this pandemic, giving back has a significant impact on people’s well-being, emotionally and financially.
Other than simply donating re-actively, here are 3 other proactive ways to give purposefully, that you can include as part of your financial plan!
- Donor-advised fund: A giving vehicle where the donor makes an irrevocable contribution to the fund maintained by the charitable organization, receives an immediate tax deduction, and has the power to make recommendations or provide advice on distributions from the fund for charitable purposes.
- Bequest: A gift left to a charity after the donor’s death. Donors can make bequests by means of a will, revocable trust, or beneficiary designations on accounts or insurance policies.
- Charitable gift annuity: A contractual agreement between you and a charity, where you make a lump-sum donation to the charity in exchange for a partial tax deduction and a lifetime fixed stream of income from the charity. The charity receives the balance of the invested funds upon your death.
If you’d like to ensure your financial plan includes your philanthropic goals or want to learn more about charitable giving vehicles, don’t hesitate to reach out to us!