At some point during your adult life, you’ve likely realized that it would be wise to put in place a will, trust, and powers of attorney, as well as undertake at least a basic level of financial planning to stay on track with retirement and other wealth-related goals for yourself and for your family. Perhaps you’re also among the many people who have thoughtfully incorporated charitable giving strategies into a comprehensive financial and estate plan.
If you’ve not yet wrapped charitable giving provisions into your will, trust, and financial plans, it’s never too late (or too early) to do so. The Princeton Area Community Foundation is happy to work with you and your legal, tax, and wealth advisors to set up charitable giving structures and processes that align with your intentions to support favorite charities and causes, as well as reinforce the tax and estate planning objectives you’ve set in motion.
Formalizing your charitable intentions creates a lasting impact. By integrating philanthropy into your estate plan, you ensure your values and commitments continue beyond your lifetime.
Charitable giving can also be a key part of your wealth management strategy, helping you optimize financial resources while supporting the causes you care about. Your donations may qualify for tax deductions, lowering your taxable income and reducing your annual tax bill. Donating appreciated assets, such as publicly traded stock held for more than a year, can help you avoid capital gains taxes. Additionally, directing funds to charities in your estate plan can reduce estate tax burdens.
The Community Foundation team is here to help you develop a philanthropy plan, starting with lifetime giving and incorporating estate gifts as part of your legacy. If you’re ready to take the next step, consider these three key strategies:
Give to what you know.
Most people experience the greatest joy from giving to causes that are personally familiar. Personal experience makes it easier to understand how the charity is using your dollars. So, for example, if you’ve had experience with helping foster children, you are likely to understand how the organization is using your donation to support training for foster parents. Please ask the Community Foundation team for insights! It’s our job to keep up with the good work of charities that are meeting local needs.
Give where you are.
Even with the increasing number of community challenges across the country and the globe, sometimes the greatest needs are right here at home. The Community Foundation team can help you identify opportunities to support local charities by gathering information about the overall need and how a particular charity addresses that need. When you give to local organizations, you are in a strong position to have confidence in your gift.
Give to the causes you love.
Donations to charities that are aligned with your own passions make you feel the best and ultimately make the most difference because you’re likely to continue giving. The Community Foundation team is here to help bring your community dreams to life through the power of philanthropy. And that feels great!
Contact Us
If you’ve already established a donor-advised fund or other type of fund with the Community Foundation, or if you are considering getting started with the Community Foundation this year, we are here for you! The Community Foundation is honored to serve as your home for charitable giving. Our team looks forward to hearing from you.
For more information, contact Marcia Shackelford, Chief Philanthropy Officer, at mshackelford@pacf.org.
