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Charitable Giving After You're Gone By Christine D. Moriarty
For those with philanthropic interests, charitable giving can be beneficial to the charity and to you as the donor. In today's tenuous world, everywhere we turn in our country, a fire, flood, landslide or other disaster is leaving families homeless. Youth are avoiding higher education because of the cost. Disease is breaking apart families. Houses of worship are facing financial straits. Needs seem endless. Making contributions everywhere is impossible, but did you know that with a planned giving strategy you can donate beyond your lifetime to causes that matter most to you? People who want to give to charity but fear running out of money have options. If you are resisting giving now because you worry about needing cash, planned giving is a way to act on your interests. Planned giving can fulfill your wishes after your death while potentially receiving benefits during your lifetime — and you can still leave money to family or friends.
What if you do not feel you have the cash to donate, even post-death? You are not alone — 93% of American wealth is held in non-cash assets. These types of assets include retirement investments, real estate, life insurance and privately held stock.
"Planned giving should be a thoughtful process that allows someone to ponder their philanthropic passions, while considering the needs of loved ones."
“Cash is not king" when it comes to supporting worthy causes. Stocks, mutual funds, real estate and retirement assets are also commonly accepted donations. Other more complex assets like life insurance and closely held business interests can be donated as well, even post-life. With a broad range of your assets available to donate to charity, review what your expected financial needs are today and until the anticipated end of life. What income do you need annually? Are you preparing to sell a privately held business and would benefit from a tax deduction and avoidance of capital gains? Do you have a highly appreciated stock? Are you willing to part with real estate but not its income? Once you have answers to these questions along with the details of your financial life, the potential assets and vehicles for gifting will become clear. You always get to decide what and when to give with planned giving.
Read more of this story on Next Avenue.org
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