Charitable Giving

During this holiday season, it is the most common time of year during which folks spend not only large amounts of money on presents to celebrate Christmas with loved ones, but also on charitable giving. You may find yourself giving spare change in the red kettle for Salvation Army, providing gifts for a family in need through a Giving Tree, or gifting a large year-end sum to an organized charity of choice for both the pleasure of providing assistance as well as the tax benefits.

The following three resources provide information on starting the process of designating charitable beneficiaries, as well as how to plan your donation, and what steps you can take to develop the character of being a giver: 

  • Read: A successful charitable giving plan involves three steps: determine when to give, what to give, and how to give. This article from Vanguard examines some common charitable giving strategies, discusses the advantages and disadvantages of each, and presents examples to show their effects. 
  • Listen: In this 20-minute clip I’m Richly Blessed by the Social Economy, Joshua Sheats shares some simple thoughts around the social giving economy and some encouragement for you to focus on being a “Go-Giver” towards others.
  • Watch: Patrick Renn is a 35-year veteran of financial planning industry, and is the author of Finding Your Money’s Greater Purpose: How to Make Your Legacy Count. He runs a wealth management firm in Atlanta, GA and specializes in helping his clients develop well-designed charitable giving programs. This brief interview gives an overview of his book and how to give with the most benefit to your family, your charity(ies) of choice, and minimizing the amount of money the IRS will take.

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You can click on the links below to access this month’s resources. Thanks for reading, listening, and watching!