As discussed in the Forbes.com article there are ways to save so you will be able to give after retirement. For many people who have actually sat down, and developed a financial plan, they do not find it complete until they integrated charitable giving as a part of it. This is usually not a small amount, but a rather substantial amount giving yearly. Before discussing your plan with a professional, think about the who, what, where, why, and how you want to go forth with the plan. Here are five ways to plan for charitable giving.
- Why? You should always know why you want to give.
- Who or What? Have you decided on the person or organization you want to give to. This is the most important step. It may not matter so much to you as to who you donate to or you may have a charity that is near and dear to your heart.
- How? Figure out how much money you would like to give each year and how you would you like to present your charitable donation. Will you personally donate it or will your adviser or manager?
- Where? Where should you give? You could make it a big deal and do it at a community event or a big gala or something simple like presenting your donation privately?
- When? Did you have a specific date that you would like to present you donation, like around the holidays or does it not make much difference. Carefully, think over the best way it can benefit both your charity and yourself.
Remember and think about the above five steps for charitable giving and you will be on your way to starting your plan for charitable giving and learning how it can be a part of your life.
If you would like more information or if you are interested in starting the process of charitable giving please, contact us. Our Torrance estate planning attorney can help guide you through the process.