This is the time for extraordinary giving. In 2020/2021, and maybe longer, giving MUCH more than the minimum is a MUST.
What thoughts come to mind when you think of a philanthropist?
Philanthropy is defined as “love to mankind; benevolence toward the whole human family; universal good will; desire and readiness to do good to all men”.
So, an everyday philanthropist is someone who gives unselfishly toward the good of humanity.
Don’t let the lack of being a millionaire keep you from improving the world we live in. It is not necessary to be worth millions to make a difference. There are many avenues you can take to connect with the causes that you feel most passionate about.
“If you want to live a happy life, tie it to a goal, not to people or objects” Albert Einsten
Many people, like yourself, have created wealth through their own ingenuity and efforts and have the greatest interest in integrating into their lives the things they are the most interested in.
An increasing number of wealth holders are no longer focusing exclusively on accumulating more wealth. They are beginning to look at using wealth as a tool to achieve higher purposes.
Philanthropy is more central to their lives. They wish to offer their creative skills as much to their giving as they have to their professions or businesses.
Key trends in philanthropy are;
· Self-directed giving through private foundations or donor advised funds
· Integration of giving and taxable/estate planning
Canadian private foundations and public foundations with donor-advised funds have assets of more than $3.2 billion and are the fastest growing charity category. It is said it will reach $7 billion by 2023.
We human beings are complex, beautiful, unique creatures. Our individual life experiences make up a collection of memories, perceptions, patterns and emotions. There is no formula for determining why we do the things we do. Which is in part why modern-day philanthropy offers a wealth of creative, new ways to think about estate planning and charitable giving.
The past decade has witnessed significant changes in the tax rules governing charitable giving. The changes to these tax rules have in turn opened the door to new planning strategies that create benefits for those individuals who want to make a meaningful gift.
Strategies for generosity is about matching individual donors’ tax and estate planning with their philanthropic ideas. It refers to increasing the number of gifts through a systematic, focused and personalized program.
People become interested in these strategies when they believe that their gifts will impact the cause they believe in, they trust the organizations leadership, and have assets to give.
Philanthropists are special people who want to make social capital investments (ESG) in the most effective way possible. Their social capital investment decisions are consistent with their values and objectives.
Philanthropists need to be guided to make the right gift, at the right time, to the causes of their choice.
The decision as to which vehicle to use is personal and should be decided with the help of an expert in the field, consultants like M Bacal Group. There is nothing more satisfying in gifting strategies then when people, purpose and plan come together.