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Planning for Philanthropy and What It Can Do for Everyone

In: Personal Financial Planning for Executives and Entrepreneurs

Author

Listed:
  • Michael J. Nathanson

    (The Colony Group)

  • Jeffrey T. Craig

    (The Colony Group)

  • Jennifer A. Geoghegan

    (The Colony Group)

  • Nadine Gordon Lee

    (The Colony Group)

  • Michael A. Haber

    (The Colony Group)

  • Max B. Haspel

    (The Colony Group)

  • Seth P. Hieken

    (The Colony Group)

  • Matthew C. Ilteris

    (The Colony Group)

  • D. Scott McDonald

    (The Colony Group)

  • Joseph A. Salvati

    (The Colony Group)

  • Stephen R. Stelljes

    (The Colony Group)

Abstract

Effective charitable giving involves far more than just donating money. There are tax, legal, and personal considerations that need to be assessed. There are five key elements to charitable gifting for every donor: establishing a budget; becoming familiar with the basic income tax rules; selecting the most tax-efficient assets to give; choosing how to make the gift; and making an impact. The authors consider the tax rules surrounding philanthropy and consider techniques that include donating appreciated assets as well as using donor-advised funds, gift annuities, charitable remainder trusts, charitable lead trusts, and private foundations. The authors also consider how donors can ensure that their funds are going to organizations that will use their gifts most effectively while also creating a family legacy.

Suggested Citation

  • Michael J. Nathanson & Jeffrey T. Craig & Jennifer A. Geoghegan & Nadine Gordon Lee & Michael A. Haber & Max B. Haspel & Seth P. Hieken & Matthew C. Ilteris & D. Scott McDonald & Joseph A. Salvati & S, 2021. "Planning for Philanthropy and What It Can Do for Everyone," Springer Books, in: Personal Financial Planning for Executives and Entrepreneurs, edition 2, chapter 10, pages 157-166, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-65400-9_10
    DOI: 10.1007/978-3-030-65400-9_10
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