The joy of philanthropy is like planting a seed and watching it grow. It’s about creating a legacy that might well outlive you. But where do you start?
The first question you should ask is, “What is your mission?”
What are the issues you care passionately about…the arts? education? animals?
Which communities do you want to give to? Would you like to help your local community?
The nation? The world?
What are your catalysts for giving? Do you respond generously to appeals from friends? Seek to form a unique relationship with an organization? Do you prefer to react to crises?
Next, you need a plan to implement your mission.
Whatever you decide, you need to understand your capacity to give, and nourish it with sound investments. Think about the size, frequency, and timing of your gifts—and what makes sense for the causes or organizations you support. Would you prefer to distribute the gift immediately or defer it? Would you like to fund it now, but stage the distributions over time?
There are many philanthropic strategies. Some are relatively simple to implement; some are more complex.Their tax advantages also vary widely and depend in part on your situation.
We’ve been helping high-net-worth individuals and their advisors think about these issues for nearly fifty years. We’ve recently published The Seeds You Plant: Growing Your Philanthropic Impact
to help you think through many of these important issues. Download it today from our website