Give Like a Billionaire

Generally you can choose investment allocations, then manage investments though mutual funds. Some, with larger balances, will let you manage yourself or bring your own investment advisor. And most accept real estate and even small business stock as contributions.

You fill out the paperwork once. You tell the sponsor how to invest and where you want the money to go. You decide what's given to whom and when, and how much should be kept aside to grow. Nice. But a word of warning: contributions are irrevocable.

I view these funds as a real opportunity for average investors to become smart donors. From a tax planning perspective, there's no better time than now. Think about setting up your own "foundation" instead of writing those holiday checks. You can avoid paying taxes by donating appreciated stocks or take a writeoff to offset taxes on stocks already sold.

Most of all, you can make yourself feel really good. And a lot of others, too.