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Whether you’ve identified favorite causes or are only beginning to consider how you might give back, your charitable interests can be a crucial part of the wealth management process. A well-planned strategy for giving back to causes that are important to you — whether through charitable giving, cash, non-cash charitable donations, or volunteering — can provide a range of benefits, from reduced taxes to a sense of personal fulfillment and a meaningful legacy.
A growing body of scientific evidence also shows that philanthropy benefits the giver as well as the receiver in terms of well-being. Researchers have found that it contributes to a number of positive outcomes:
You don’t need millions of dollars to be a philanthropist. Traditional ways exist, such as giving weekly to your local religious organization or annually to your alma mater. The team at Client 1st Financial will guide you through the process of giving now, setting goals for the future, and even after you’ve passed.
Identify charities that support causes you’re passionate about, such as medical research, arts, and culture, or social and economic issues. Spend time researching to ensure charitable donations are being used in ways you feel are appropriate. Websites such as CharityNavigator.org and GuideStar.org can help. Many worthy causes have more than one nonprofit devoted to them, so don’t settle. Client 1st Financial helps clients support their favorite charities in smart ways. We explore the different options available, ways to lower your tax bill, build a legacy, and explain how you can complement and maximize your current giving strategy with a donor-advised fund.
Make your contributions go further by inquiring about whether your employer has a matching charitable gift program. Many employers will match what you give or offer volunteer programs as part of their benefits package.
Giving doesn’t have to end with donating money or things – you can donate your time, as well or instead. Whether you’re still actively employed or have already retired, nonprofits are almost always in need of volunteers. Whether you’re leveraging your professional skills to teach or mentor others, serving on the board of a non-profit, or volunteering in a hands-on role at a local charity or non-profit, there are many opportunities to give back to the community through giving your time.
You don't have to be rich to donate—for many organizations, even $10 helps. But there are many other valuable ways to give back, below are just a few:
Volunteering can be especially helpful to nonprofits, which often depend on volunteers to accomplish their goals. If you really want to learn about an organization, there is no better way than by spending your time with its staff and those they serve.
You’ve worked hard to grow your wealth. When you want to share your accomplishments to benefit a cause or community you care about, we can help match your philanthropic goals with a charitable giving plan that completes the picture of your wealth.
Speak with a professional at Client 1st Financial.
Check out the below video of President & CEO Michael Fischer discussing his thoughts on charitable giving and how uses donor-advised funds with Mike Wilson fromLehigh Valley Community Foundation.