Generosity tends to come naturally to the families we work with. Many have been giving quietlyand consistently for years: to their church or synagogue, their alma mater, a cause tied tosomething personal, or simply organizations doing work they believe in.
But here’s something we’ve discovered in working with many clients over many years: Thoughtfully-structured giving can mean contributing more for the people and causes you care about—without costing you more.
What often goes undiscussed is whether your generosity is structured in a way that does the most good, for the causes being supported and for your family who’s doing the giving. That’s why we strongly recommend everyone who’s engaged in philanthropy should look carefully at how their giving is structured. There are often opportunities to make stronger bottom-line contributions while taking advantage of tax and other savings opportunities.
Missing these opportunities is rarely from lack of care. It’s simply that giving well involves a few pieces most people were never shown. This page walks through some of the things we most often see misunderstood, and how a little intention can help your generosity go further.
The mechanics of how a gift is made matter as much as how much is given. Several tools consistently outperform simply writing a check:
Many people, we’ve found, know which organizations or groups they plan to donate to, but other financial issues are prioritized. Many find themselves at the end of the year, with a deadline to donate, and make donation amount decisions to get it done.
However, a little planning, done earlier in the year or as part of your broader financial picture, tends to open up more options:
None of this requires giving less spontaneously or less personally. It simply means the generosity you already feel has a little more room to do what you intend it to do.
As we’ve worked with families to better plan and structure their giving, we’ve come up with what we call the “Five Pillars Of Intentional Giving.” This structure can offer benefits both to the charities or organizations receiving the donation, and to the family providing it.
The pillars are:
The key is the last pillar: Estate Coordination. At Miser Wealth Partners, we think about charitable giving as part of your whole financial picture, not a separate decision made once a year, apart from your tax strategy, your investments, and your estate plan.
We won’t just ask how much you’d like to give. We’ll help you think through what to give, when to give it, and how to structure it so it supports both the causes you care about and the family you’re providing for. And we can make sure your professional advisors—tax, planning, estate—are all involved so everything works together for maximum benefit.
We start by understanding what matters to you. We take the time to listen to your reasons for giving, how you want it to fit into your financial strategies, and how you want your giving to be remembered. Then our team of professionals look at critical factors, including:
• Review which assets make the most sense to give
• Explore whether a donor-advised fund fits your situation
• Coordinate giving with your tax strategy
• Align giving with your estate and legacy plans
• Involve family members in the conversation
• Revisit your approach as your situation changes
From this, we present you with giving strategy options, answer all your questions, and let you make an informed decision about what’s right for you and your family.
Generosity given freely deserves a plan that lets it go further. We can help you make that happen.
