Judy Saxe, AEP®, CAP®
February 04, 2020
This is the first blog in a three-part series that focuses on effective philanthropy.
Part 2: 4 Steps to Create a Plan for your Philanthropy
Part 3: 4 Gifting Strategies That May Work for You and Your Family
Philanthropic giving can be an expression of your beliefs and values, a way to connect with others in the community or with family, and an opportunity to create a legacy that can be passed to future generations. For these reasons (and others), philanthropy may be an important component of your wealth planning. However, an effective philanthropic giving plan can only be implemented once you have decided what you want to achieve. Then, you can develop your personal philanthropic approach and get started.
People choose to give for many reasons, including personal fulfillment, legacy planning and tax management. In addition, philanthropic giving is often motivated by passion for a specific purpose and/or the desire to make an impact. Determining your motivations and goals for giving is the first step in developing an effective strategy. To do so, the following exercises may help:
A careful and disciplined approach to philanthropic giving combines purpose, practicality and passion. It also effectively connects the wealth management process to what individuals and families really value. While there are several approaches philanthropists can take, committing to a single style is not necessary to be successful. A variety of strategies can be effective, including:
To find your path and initiate the philanthropic process, begin by talking with your CIBC Private Wealth Management advisor or wealth strategist about incorporating a charitable giving strategy into your overall wealth management plan. And, if you plan to make philanthropy a multigenerational effort, you may wish to include your family in your discussions.
For more information on incorporating philanthropy into your wealth plan, visit our Effective Philanthropy resource page.
Judith Saxe is the director of research and education for wealth strategies and a senior wealth strategist at CIBC Private Wealth Management.
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