This time of year seems to bring time of reflection for all that we are grateful for and a pause for thinking about how we can still help others. Utilizing our time, talent, and treasures is a common value I see in many of our clients. Charitable organizations value each of the three t’s equally; knowing that donors sometimes have more of one gift than another. Now is a great time to reflect on whether there is more giving to be done in 2011 and to think about 2012’s goals in giving.
In our last SmartByte we talked about Legacy and Control Planning. Charitable Giving as part of your Legacy and Control Plan can seem daunting at times. I think of two types of Charitable Giving Plans: an informal plan that is executed daily and a formal plan that is part of your Estate Plan. When creating a charitable giving plan that is part of your estate, it is important to work with your wealth management team so that appropriate language is used in the documents as well as the appropriate financial and tax planning takes place. Whether it be a bequest to an educational institution, the humane society, or a research facility; working with your financial, legal, and tax professional will help you to achieve your legacy goals when it comes to Charitable Giving.