Charitable Giving

Charitable Planning Conversations

Philanthropy and charitable giving can take many forms – from donating gently used goods to making monetary gifts to charitable organizations. We find that individuals and families are becoming increasingly intentional about their charitable gift planning. Clients often desire to give in a way that is meaningful to both the recipient organization and to their family.
Having conversations about philanthropy and charitable giving is a way to encourage all members of the family to participate in a common goal. Furthermore, by sharing your charitable desires, a lasting philanthropic legacy can be created. Whether you are gifting by way of a charitable trust, a Donor-Advised Fund, or an outright donation, consider these 20 charitable planning  

20 Charitable Planning Questions to Discuss with your Family

  1. What is the history of philanthropy in our family?
  2. Why is philanthropy important to each of us? What is our motivation for giving?
  3. How involved do we want to be with our giving? Should we volunteer, serve on a board, go on-site visits, attend conferences, collaborate with other donors, or just send in donations?
  4. Which causes and charities are most important to each of us, and why?
  5. Are there causes and charities that we have supported in the past that are no longer as relevant? Are there any new ones we should support?
  6. Which past donations have provided us with the greatest satisfaction or regret?
  7. Should we have one charitable mission and donate as a group, or is it OK to give separately?
  8. Do we want the bulk of our giving to be in the near future, throughout our lifetimes, or for generations to come?
  9. Who wants to be involved, now and later? Who will be in charge of family giving in the future?
  10. Do we want to support many or few charities, large or small ones?
  11. Do we want to be public or private with our giving?
  12. Should we plan and manage our giving ourselves, or would it be helpful to bring in charitable giving experts to help?
  13. Should we change the amount we donate this year? Does the growth of our investments or success in our business enable us to give more this year?
  14. Have we talked with our financial and tax advisors so we get the maximum tax benefits? Is everyone fully aware of the advantages of donating assets other than cash?
  15. Are there particular assets (real estate, family business, collections) that we own that nobody will want in the future that can be sold or donated to a charity or DAF account? Can that be used as the basis for our giving in the future?
  16. Does the family have any charitable vehicles currently, and are there any challenges with them? Are there simpler and less expensive options such as DAFs?
  17. Are there any charitable beneficiaries named in the estate plan? Shall we include some? Is a charitable legacy important to us?
  18. Should we donate the required minimum distributions from our IRA to charity (DAFs and Foundations not eligible)? Should we name the DAF as the charitable beneficiary of the IRA at death instead of the children to avoid significant taxes?
  19. What concerns does anyone have about our charitable giving?
  20. What has been and will be the impact of our giving? How can we evaluate this impact?

This list was provided by the American Endowment Foundation.

If Schultz Financial Group can be of assistance in planning for your family’s charitable giving goals, please don’t hesitate to contact us.

Alyssa Dalbey is a Wealth Manager with Schultz Financial Group Inc.

Schultz Financial Group Inc. (SFG) is a wealth management firm located in Reno, NV. Our approach to wealth management is different from many other wealth managers, financial advisors, and financial planners. Our team of fee-only fiduciaries strives to help our clients build their wealth across four capitals: Financial Matters, Physical Well-being, Psychological Space, and Intellectual Engagement. We provide family office and wealth management services to clients located in Nevada, California, and other states. If you’d like more information, please check out our website or reach out to us via our contact page.

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