subject: The Importance Of Philanthropy [print this page] Philanthropy has the power to do a lot of good for your favorite causes, but it is more than just giving money away. Philanthropy can also be an empowering financial planning tool. Through resourceful philanthropy, you can also reduce taxes, affect your community, perpetuate your value and give financial power to your family for decades after you pass on.
Today, an integral part of my wealth consulting work are philanthropic tax planning strategies, and my clients are experiencing benefits for themselves, their families and the causes they care most about. I call these "Triple Win" benefits.
By introducing philanthropy into your overall financial and estate plans, you can create a lasting legacy. Philanthropic efforts allow you to provide for the individuals and institutions that have the most meaning to you, while improving the prospects that your children, grandchildren and generations to come so that your descendants will be able to realize their own ambitions and make meaningful contributions to society. Having a philanthropic plan will assist your loved ones in developing an identity in the community consistent with your family values, and your giving can be designed to ensure that those values are reflected for years in the organizations and activities you support.
The first step in your philanthropic journey is to meet with a certified financial planner and define your goals. Your CFP can explain how you can minimize taxes and allow your family to retain control of the wealth you have built through philanthropy. You will be able to create a plan that will implement strategies that match your values and fulfill your desires to maximization of your wealth.
