Charitable Giving

Charitable Giving Checklist

1. Assess Your Giving History: Take a moment to analyze your charitable contributions over the past few years. Reflect on how much and how often you donate. Also, consider your involvement in volunteering or participating in fundraising events for the causes you care about.

2. Clarify Your Motivations: Identify the types of charities you want to support and the reasons behind your choices. Whether it’s responding to a compelling fundraising appeal, supporting vital community programs, or honoring the memory of a loved one, your motivations matter.

3. Leverage Matching Gift Opportunities: Explore the potential for your donations to be matched by other sources. Many employers and organizations offer matching contributions for gifts made by their employees, effectively doubling your impact.

4. Choose the Right Type of Gift: Decide on the most effective form of your gift—whether it's cash, securities, real estate, or tangible personal property. Different types of gifts come with specific tax deduction rules and limits, so choose wisely.

5. Secure a Qualified Appraisal: If you're donating property, ensure that you obtain a qualified appraisal when necessary to maximize your deduction.

6. Explore Life Income Gifts: Consider life income gifts as a powerful option. Charitable remainder trusts, pooled income funds, or charitable gift annuities can provide you with a steady income stream while also benefiting the charity.

7. Engage with the Charity: Don’t hesitate to reach out to the charity and speak with a development officer. They are equipped to provide you with valuable information about their mission, the various ways you can contribute, and the tangible impact your gift will have.

8. Evaluate Insurance Options: Consult with an insurance agent about how a life insurance product can serve as a generous gift to a charity or as a means to preserve your wealth while still making a significant charitable contribution.

9. Maintain Your Documentation: After making your gift, be diligent about retaining all necessary documentation. The IRS requires that you hold on to specific records to substantiate your charitable contributions when filing your tax returns.

By following this checklist, you can confidently enhance your charitable giving strategy, ensuring your contributions make the most meaningful impact.