How to Make Charitable Giving a Family Affair
Giving time or money to a charitable cause is a selfless gesture, but it has far-reaching benefits. Here are a few ideas on how to get the whole family involved and what to consider before donating.
Starting children young develops a service-oriented mindset and sets a foundation for the future. Get involved in causes they’re passionate about, whether it’s education, the environment, or food insecurity. Here are few ideas for family-oriented charitable giving include:
- Donating a portion of allowances or birthday money
- Giving away toys or clothes
- Cleaning up local parks or beaches
- Making cards for people in care homes
- Birthday fundraisers in lieu of gifts
- Sponsoring a family for the holidays
- Food drives for local food banks
- Charity walks, runs, or bike rides
What to Consider When Donating
Obviously, if you’re donating money there are tax implications to be considered. Charitable donations can provide tax deductions, so you need to keep track of what you are giving and where throughout the year.
If giving on a large scale, consider Donor Advised Funds (DAF), which work directly with organizations or financial institutions to set up a mini foundation under the umbrella of a larger established foundation.
Not all charitable organizations are created equal, so do your research through websites, such as charitynavigator.org or guidestar.org. It’s important to find out how they operate, where their funding originates, how services are dispersed, and who they serve.
Create Your Family Plan for Charitable Giving Today
When deciding where to focus your charitable giving efforts, remember that there are people in need outside times of crisis, so actively participating year-round can make a big difference. By choosing to target organizations that you’re passionate about, you can not only support your community but also help instill the value of being a compassionate helper in your family.
John A. Frisch, CPA/PFS, CFP®, AIF®, PPC™ founded Alliant Wealth Advisors in 1995 and has over 30 years of experience as a financial professional. In his free time, he’s an avid long-distance runner, a sport that requires discipline, patience and vision. John applies these same skills to his professional pursuits: He helps families and retirement plan sponsors adopt a patient, disciplined approach to overcoming financial challenges and reaching their distant goals along a clear path. Learn more at www.alliantwealth.com.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
This material was prepared by Crystal Marketing Solutions, LLC, and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate and is intended merely for educational purposes, not as advice.