Charitable Giving Strategy

Strategic Philanthropy

Many of our clients have a desire to give back to their community or causes that they care deeply about through philanthropic efforts. Our team of CPAs, CFP® professionals, and Wealth Management Advisors work with our clients to understand their charitable goals, set up trusts, and develop plans and strategies to complete these efforts while protecting their financial security in retirement and helping our clients achieve their desired impact. By working with a team that includes a financial planner, tax advisor, and wealth management advisor, our team can help develop a detailed charitable giving strategy that includes various financial implications.

Why is it important to have a charitable giving strategy?

When deciding to pursue philanthropic efforts, it is important to consider the tax implications. If you’re not strategic, your philanthropic efforts can have a significant effect on your tax burden. A well-thought out charitable giving strategy maximizes tax benefits and reduces your tax burden. Our Wealth Management Advisors and Tax Advisors can work with you to understand your philanthropic goals and to create a charitable giving strategy that benefits all parties involved.

Is it better to give to charity throughout my life, or through my will?

It can be intimidating to give philanthropically and reduce the assets you rely on throughout retirement. With that said, giving to charity throughout your lifetime can also be more beneficial from a tax perspective (income deduction) and provide additional gratification. A Financial Plan can help you understand what funds you’re able to give while maintaining your desired lifestyle in retirement. Working with a team that includes a Financial Planner, Tax Advisor, and Wealth Management Advisor will allow you to identify the best strategy for your situation. For additional information on charitable giving strategy, please reach out to one of our advisors.