Donation of Time: It is valued. It is appreciated. During our lives, we may decide to donate our time in different ways. Early in our lives, we may have volunteered without even knowing it. You may have been covered with flour in the kitchen, only later to find out you were part of an assembly of people cooking and baking for a cause in your community.
As we continue in our lives, we may see loved one’s around us face health issues and may participate in a community walk to offer further support and awareness. Or you may be that driver… or be the one to hand out blankets… when it is needed.
To you, the ones that volunteer, that mentor and sit on boards to ensure programs, services and materials are delivered, it is appreciated. This is a note of thanks to you that chose to leave a legacy of your time, your knowledge, passion, and commitment.
Just like there are many ways to give our time, there are many ways we can
donate or make gifts.
For many of us, cash is our first choice. Why do we donate cash?
•We understand cash.
•We know the value.
•There is no disputing how much the gift is worth.
•Donating cash is probably our most understandable and traditional form of supporting our communities.
Can you make charitable gifts other than cash? Yes. Here is where we can navigate the different types of assets you have available or could have available to be the gift. Keeping it simple, these can include:
-shares of corporations,
You can be thoughtful in which assets you donate and when.
You can be a “Strategic Donor” creating greater tax savings and greater impact.
You can give:
•during your lifetime (inter-vivos)
•on a testamentary basis (when you pass away).
You can do both. You can make gifts on death to a charity to offset taxes that your estate will face. Different solutions will give you the choice between tax relief during your lifetime or for the benefit of your estate.
Work with professionals and organizations that will support and navigate your balance between:
•Your family, and
•Your donations doing the most they can.
The commentary in this article is meant to be general in nature and should not be considered legal or tax advice to any party. Individuals should seek the advice of professionals to ensure that any action taken with respect to this information is appropriate to their specific situation.
Jos Herman, BComm, CPA,CA, CFP, CLU, TEP
Wealth & Estate Planner