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Compass F inan ce
While it’s clear that charities need proper funding to carry out their
missions, a dime can become a dollar with the right vision and
roadmap. Charitable organizations depend on annual fundraising
drives for operating funds, but they also rely on large planned gifts
for expanding educational programs, constructing new buildings and
other substantial expenses of growth. Planned giving vehicles such
as gift annuities, charitable trusts, donor-advised funds and private
foundations can provide a solid stream of funding for a nonprofit, as
well as tax benefits for the giver. For many business owners, giving is
more rewarding when executed as entrepreneurial philanthropy, where
business acumen is applied to drive large returns on contributions.
Many donors desire to include their family members in philanthropy.
Educate younger generations about your charitable goals in the
context of the family’s principles and values. Most of all, consider
starting early. Many people make a charitable bequest in their Last
Will & Testament, but there are a variety of ways to give now to
create immediate positive effects and provide you with the joy of
seeing your dollars in action.
ABOUT THE AUTHOR
Carly E. Howard is a Senior
Wealth Strategist for Atlantic Trust’s
Family Office and Board Chair for
Miami-based PhilanthroFest. She
provides high net worth clients with
integrated wealth management
services, comprehensive estate
and financial planning solutions and
multi-generational legacy planning;
com. — Photo by Jonny Cosmetics
Ready to move from simply funding nonprofits to impacting
the community on a larger scale? While legal and tax
implications of giving are important, the driving force
behind your support of causes should always be passion.
TEX T BY CARLY E. HOWARD
LEAVE A LEGACY
When it’s all said and done, how
would you like to be remembered?
Successful philanthropy looks
different for each donor and
community. Instead of “giving
back” to a charity, integrate your goals and vision into an
estate and gift plan that yields positive change in the world.
Always aim to inspire others with
your passion. View your charitable
contribution as an investment that
will generate a generous return
because it’s fueled by passion.
It’s contagious…and others may want to contribute to your
cause when they see a healthy ROI in their own community.
In the same way that you’d develop
a business succession plan for your
company, develop a philanthropic
one incorporating family members,
friends and associates. You can
preserve and tell your family story by employing successive
generations to solve community problems together.