How to Be Good at Doing Good

6 Steps for Planning Charitable Giving

Doing good doesn’t happen overnight—writing a check to charity once a year is no longer enough for a successful charitable and financial strategy. Creating a strategy for charitable giving requires some thought, but by following these six steps, you can put your charitable giving plan on the path to success.

Before you know how to get there, you have to know where you’re going. Set charitable goals that are measurable and have a clear timeline before starting on a charitable giving strategy.

Charitable giving is about more than just personal satisfaction—it’s about creating a charitable legacy. By involving your family with your plan, you can ensure that your charitable values are passed on to future generations.

Make sure your goals are realistic by consulting your budget and your financial advisor. It’s important to find the right balance of what you hope to accomplish in the world and how much you can reasonably afford to give.

Do some research before opening your checkbook. Verifying an organization’s legitimacy is important, as is evaluating its fiscal responsibility, mission statement and affiliations.

Cash, trusts, securities, real estate, clothing, furniture, art and even vehicles—each will have different implications for your giving strategy. Consider which may be best based on your assets and your tax situation.

Success won’t look the same for each donor. Periodically ask yourself: Have I met my initial goals? Am I on track to do so? If not, how can I improve the success of my plan for next year?

Talk to your Fingerlakes Wealth Management advisor today about your options for creating a charitable giving strategy, and start on the journey to giving with intent.

This article was written by Advicent Solutions, an entity unrelated to Fingerlakes Wealth Management. The information contained in this article is not intended to be tax, investment, or legal advice, and it may not be relied on for the purpose of avoiding any tax penalties. Fingerlakes Wealth Management does not provide tax or legal advice. You are encouraged to consult with your tax advisor or attorney regarding specific tax issues. © 2014 Advicent Solutions. All rights reserved.

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