your money: how to make charitable giving a family affair | Business

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Giving time or money to a charitable cause is altruistic, but it has huge benefits. Here are some ideas on how to get the whole family involved and what to consider before donating.

Starting young children develops a service-oriented mindset and lays the foundation for the future. Get involved in causes they are passionate about, be it education, the environment or food insecurity. Here are some ideas for family-focused charitable giving:

● Donate part of the stipend or birthday money

● Donate toys or clothes

● Clean up local parks or beaches

● Make cards for people in nursing homes

● Birthday fundraisers instead of gifts

● Sponsor a family for the holidays

● Food drives for local food banks

● Charity walks, running races or bike rides

What to consider when making a donation

Obviously, if you donate money, there are tax implications to consider. Charitable donations can give rise to tax deductions, so you need to keep track of what you give and where throughout the year.

If you’re giving on a large scale, consider Donor Advised Funds (DAF), which work directly with organizations or financial institutions to create a mini foundation under the umbrella of a larger established foundation.

Not all charities are created equal, so do your research on websites, such as charitynavigator.org or guidestar.org. It is important to know how they operate, where their funding comes from, how the services are distributed and who they serve.

Create your family plan for charitable giving today

When deciding where to focus your charitable efforts, remember that there are people in need outside of times of crisis, so being active year round can make a big difference. By choosing to target organizations that you are passionate about, you can not only support your community, but also help instill the value of being a compassionate caregiver in your family.

John A. Frisch, CPA / PFS, CFP®, AIF®, PPC ™ founded Alliant Wealth Advisors in 1995 and has over 30 years of experience as a financial professional. In his spare time, he is passionate about long-distance running, a sport that requires discipline, patience and vision. John applies these same skills to his professional endeavors: he helps families and pension plan sponsors take a patient and disciplined approach to overcome financial challenges and achieve their distant goals on a clear path. To learn more at www.alliantwealth.com or to read previous articles, visit www.alliantwealth.com/blog.


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