Feeling Philanthropic? Create a Powerful Legacy
By Lindsay Mills on July 30, 2024
Do you want to have a major impact on a charity or cause that means a great deal to you? Do you want to do well financially by doing good for others in need? A growing number of people have a strong urge to pay it forward by financially supporting causes and organizations that are near and dear to their hearts.
We all know that great results usually come from great plans. That also holds true when it comes to philanthropy. Charitable planning is the process of making a significant charitable gift that is part of a broader financial or estate plan. Smart giving is usually best accomplished as part of your overall financial situation. By considering the various assets you have, you can map out a path to results that are very worthwhile to all parties involved, including you, your family, your business (if you own one) and the charitable organization.
Have you gotten your family involved in philanthropy? If not, you could be missing an opportunity to teach your children and other loved ones about smart financial decision making and key financial values that can guide them throughout their lives. Getting your family involved in charitable giving can create a powerful legacy.
If you’re like many clients we work with, your deepest financial concerns are focused on taking care of your family and ensuring they enjoy lives that are both financially stable and financially responsible.
Family philanthropy is one great way to do this. Here are five reasons to engage your family in charitable giving:
- Working together to define your shared values around wealth, community and building a better world.
- Helping individual family members identify their own specific charitable values and intentions.
- Making financial decisions as a team.
- Learning about the power and responsibilities of wealth; building it, growing it and using it to positively impact others.
- Developing important life and business skills, as well as critical thinking, listening and communicating to reach a desired goal.
Charitable planning is also often facilitated by an array of professionals, including those working within charitable organizations. There can be many moving parts to coordinating a giving effort because of the multiple parties involved including, donors, charitable organizations and the multiple goals that possibly are being pursued, such as charitable impact, tax mitigation, estate tax reduction, family legacy development and so on.
Taking a do-it-yourself approach to charitable planning and giving is possible, but the probability that you’ll miss something important that could impact your ultimate results can be very high. The good news is that there are many wealth managers, philanthropic advisors, lawyers and accountants who can be very useful in helping you evaluate whether charitable gifts make sense for you and which options may be ideal for your situation. The knowledge of these professionals is especially valuable in helping you implement your giving strategy.
The Synergy Capital Solutions team is interested in serving as your partner, working alongside you to transform your goals and vision into a solid financial and philanthropic plan that helps you and your family realize your dreams. Call us today at 888-363-4546. We’re ready to get started.
