7 Reasons to Give
Despite lower tax incentives, charitable donations are as strong as ever. Contributions from individuals, companies, foundations and bequests in 2013 totaled more than $335 billion — nearly as much as the pre-recession peak.
Click here to read The New York Times article “New Donor Generation Stimulates U.S. Giving”.
High net worth individuals increased their giving by 28 percent in 2013, according to recent analysis by the 2014 U.S. Trust Study of High Net Worth Philanthropy. Moreover, the percentage of wealthy households that made contributions increased from 95 percent in 2011 to 98 percent in 2013.
Click here to read Financial Advisor magazine article “Charitable Giving Is Growing, According To Two Studies”.
Interestingly, across both good and bad economies, low-income Americans tend to donate a higher percentage of their money as compared to the upper and middle class.
Despite the fact that charitable giving has increased in recent years, only 20 percent of millionaires believe that their charitable giving plan is effective, and only 41 percent are highly satisfied with the impact it makes on society.
With so little faith in the impact of their donations, you might wonder why so many high net worth individuals continue to make charitable contributions.
The following are seven reasons why it may be a good idea to develop a charitable giving plan.
1. Make a difference in the lives of others
2. Support organizations that represent your passions and values
3. Establish a family legacy by personalizing the name of your foundation or fund
4. Take a current income tax deduction
5. Remove gifted assets from your estate
6. Remove any future appreciation that could be earned by your gift from your estate
7. Enable charitable organizations to benefit from future appreciation of your gift
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Advisory services offered through B.O.S.S. Retirement Advisors, a Registered Investment Advisory firm, and offered through Global Financial Private Capital, LLC, an SEC Registered Investment Advisor. Insurance products and services offered through B.O.S.S. Retirement Solutions. The information contained in this material is given for informational purposes only, and no statement contained herein shall constitute tax, legal or investment advice. The information is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. You should seek advice on legal and tax questions from an independent attorney or tax advisor. Our firm is not affiliated with the U.S. government or any governmental agency.
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