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Success G i v ing
What’s the best way to contribute to your favorite
cause? Consider one of these options with various levels
of commitment and control, just don’t forget to consult
your attorney and financial advisor first.
T E X T BY C A R LY E . H OWA R D, J D, LL M
Charities depend on outright gifts of money, goods and volunteer time.
For many of them, each annual giving campaign is a make-it-or-break-it
fundraising effort. Every year, choose an organization that inspires you
and donate whatever dollars you can spare and/or volunteer.
BEQUEST Leave a legacy by gifting money or personal property to charity in your
Last Will & Testament or Revocable Living Trust. Many donors can make
larger gifts at death than they could afford during life, so they’re able to
yield a bigger impact.
A Charitable Gift Annuity is a contract where you give cash or other assets
to a charity in exchange for guaranteed fixed payments from the charity
for your lifetime. This is a fairly simple way to give at least $10,000 while
keeping an income stream.
CHARITABLE REMAINDER TRUST
This is a more flexible but more complex option than a gift annuity. Your
trustee invests the gifted assets and pays a certain amount of income
to you or someone you designate for a term of years or a lifetime, as
specified in the trust document. Consider this if you want to give at least
$100,000 while keeping some control over the investments and naming of
beneficiaries. ABOUT THE AUTHOR
An expert in fiduciary matters,
Carly E. Howard, JD, LLM, serves
as an Estate & Trust Specialist for a
national private wealth management
team delivering proactive advice
to executives and high net worth
clients. She is also a Board Member
for PhilanthroFest, the nation’s
largest festival of giving, taking
place at Museum Park on Apr. 11;
40 DONOR-ADVISED FUND
With this option, you contribute cash or other assets to a public charity
to invest and then make recommendations for distribution of funds to
qualified charities in your community over time. Your gift is ongoing, and
you hand over administration responsibility while keeping some flexibility
in recommending how funds are used.
Some families establish a private foundation to further an important public
cause, primarily by making grants to other charitable organizations. This
is an option if you want to give at least $1 million in perpetuity and desire
family involvement. Private foundations are subject to strict organizational
and filing requirements by the IRS, so management can be expensive.