Charitable giving is a natural product of financial success. It is truly rewarding to be able to support people and organizations you believe in and help them to become successful and make our community and world a better place. A person is truly rich if they can give to others without fear of running out of money for themselves. And that’s why I am always amazed and inspired by my clients and friends who give generously, who tithe, and who do so with breathtaking confidence. The miser who can’t part with a single dollar may be able to accumulate, but hoarding or living in fear is the opposite of the financial peace we seek. Indeed, subscribing to an abundance mentality means that you can share your blessings with others and fully experience the joy of giving.
You may have questions about how to best achieve your charitable ambitions in conjunction with your other financial goals. If you have you ever asked yourself any of these questions, we have the answers and expertise to help you.
- How much can we give to charity each year and still meet our goals for retirement and college savings?
- How much can we give to family or friends without having to file a gift tax return?
- What is the best way to give money to grandchildren? UTMA, 529 College Savings Plan, Children’s Trust, or other methods? What are the financial aid implications of my gift to a grandchild?
- What tax benefits would we receive for donating appreciated securities, instead of donating cash, to our favorite charities?
- Are we candidates for a Donor Advised Fund, a private foundation, or a family trust? How does a Donor Advised Fund work?
- We’ve had a windfall year (sale of business, inheritance, etc.). How can we maximize our current year tax deductions and allow for future charitable bequests?
- How can I provide for my spouse, if something should happen to me, and still be sure to leave something for my children or favorite charity. Which are the best accounts to leave to my spouse, children, or charities? And what tax implications will there be for my estate and beneficiaries?
These are all important considerations for a comprehensive financial plan, and while there is no one-size-fits-all answer, there are many tools and techniques which can help you make the most of your giving. Whether you’ve been investing for 5 years or 50 years, we’re here to give you the expert advice on how to achieve your giving goals as part of your overall financial plan.
Because we believe generosity is the pinnacle of financial independence, Good Life Wealth Management will donate a minimum of 10% of its profits annually to charitable organizations. For 2015, our primary recipient will be Operation Kindness, the largest and oldest no-kill animal shelter in North Texas.
