This week, Craig Siminski, of CMS Retirement Income Planning, shares an article discussing four ways to incorporate charitable giving into an overall financial plan that fulfills a family’s wish to “give back.”
As families grow in size and overall wealth, a desire to “give back” often becomes a priority. Cultivating philanthropic values can help foster responsibility and a sense of purpose among both young and old alike, while providing financial benefits.
Charitable donations may be eligible for income tax deductions (if you itemize) and can help reduce capital gains and estate taxes.
Here are four ways to incorporate charitable giving into your family’s overall financial plan:
Annual Family Giving
The holidays present a perfect opportunity to help family members develop a giving mindset. To establish an annual family giving plan, first determine the total amount that you’d like to donate as a family to charity. Next, encourage all family members to research and make a case for their favorite nonprofit organization, or divide the total amount equally among your family members and have each person donate to his or her favorite cause.
When choosing a charity, consider how efficiently the contribution dollars are used — i.e., how much of the organization’s total annual budget directly supports programs and services versus overhead, administration, and marketing.
For help in evaluating charities, visit the Charity Navigator website, charitynavigator.org, where you’ll find…
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Craig Siminski is a CERTIFIED FINANCIAL PLANNER™ professional, with more than 23 years of experience. His goal is to provide families, business owners, and their employees with assistance in building their financial freedom.
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