- Develop a purposeful strategy for giving: Be proactive and purposeful about your giving. Take a step back and think about what you want to achieve with your charitable dollars, and consult a financial advisor to help you determine priorities and the level of support you want to provide throughout the year. In addition to reflecting your values, a purposeful strategy can also help you to say no to solicitations that do not fit within your strategy. Check your progress against the strategy throughout the year. Your donor-advised fund account online summary can help by displaying grant history by cause, so that your activity can be monitored and you can ensure that it is consistent with your giving plans.
- Choose the organizations to support: You can support one or many causes from your donor-advised fund. Deciding what causes to support might be a decision you make on your own, or it can be a wonderful thing to do together as a family. Schwab Charitable provides clients with a number of resources to help with this process.
- Decide on grant timing and amounts: A donor-advised fund allows for giving over time and you may recommend grants of $50 or more at any time to any IRS-approved 501(c)(3) public charity. Consider whether the causes you are supporting are likely to benefit most from a one-time grant at a certain time of the year, or a series of gifts throughout the year.
- Choose your desired level of recognition: Do you want to be recognized for your charitable gift or would you prefer to give anonymously? With a donor-advised fund, you may choose how to be recognized for each grant you recommend. Those who want maximum recognition can have their gifts accompanied by letters on stationery personalized with their account’s special account name.
- Consider the long-term: Donors are able to extend their charitable giving beyond their lifetimes through the Charitable Legacy Program. Used in conjunction with a holistic estate plan, this program gives qualified donors the flexibility to provide charitable organizations with support over time after their death.
Kim Laughton, President Of Schwab Charitable. (Photo: Business Wire)
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