I happened to catch an article by a friend of mine, Paula Harris (@paulaharris) who Tweeted out that there was an article in the local paper, which also had it on line here. Paula and her husband are Financial Advisors on the South Shore, MA and they are also very active with local non-profits.
Paula wrote a great article on the many ways to give for the individual:
Charitable giving can give you great personal satisfaction. I know that it does for me. It can also give you a current income tax deduction, let
you avoid capital gains tax and may reduce the amount of taxes your estate may owe when you die, which is another nice benefit.
There are many ways to give to charity. You can make gifts during your lifetime or upon your death. You can make gifts outright or use a trust. You can name a charity as a beneficiary in your will or designate a charity as a beneficiary of your retirement plan or life insurance policy. Or, if your gift is substantial, you can establish a private foundation, or, if less substantial, a gift via a donor-advised fund. Let’s examine a few of these tools that you might consider as part of your giving strategy.
Read more: INVESTORS, PLANS AND MONEY: Many ways to give – Duxbury, MA – Wicked Local Duxbury
She goes on to give a brief description about types of giving: Direct gifts, Will or trust bequests and beneficiary designations, Private family foundations, Donor-advised funds and Charitable Trusts.
Is your non-profit organization allowing all these options, and making your donors aware of all the options available to them?
- Charitable Donations: Myths and Facts (webmd.com)