After tax season, many families reflect on what they could have done differently to make the most of their taxes and better support the causes they care about.
If you’re thinking about including charitable giving in your financial and estate plans, the San Antonio Area Foundation is here to help you work with your advisors to set things up.
Make a Plan – Include Charities in It
At some point, most people realize the importance of having a will, trust and powers of attorney in place, along with basic financial planning for retirement and other goals. Many also choose to include charitable giving as part of their financial and estate plans.
If you haven’t yet thought about incorporating charitable giving into your plans, it’s never too late to start. The Area Foundation can work with you and your legal, tax, and financial advisors to create a giving plan that matches your goals and supports the causes you care about.
Adding charitable giving to your estate plan can give you a deeper sense of purpose. It ensures your values and philanthropic efforts continue long after you’re gone. Plus, it can be a smart way to manage your wealth while supporting important causes.
For example, making charitable donations during your lifetime can lower your taxable income and reduce your tax bill. Donating appreciated assets, like stocks, can help you avoid capital gains taxes. Additionally, charitable gifts made after your death can lower estate taxes.
The Area Foundation is ready to assist you in creating a philanthropy plan that starts with giving now and includes legacy gifts for the future.
Three Tips for Charitable Giving
As you think about making charitable contributions, here are three tips to consider:
- Give to What You Know
You’ll likely find most joy in supporting causes you’re familiar with. For instance, if you’ve worked with foster children, you’ll have a better understanding of how donations support training for foster parents. Giving to causes you know best allows you to see the direct impact of your gift.
- Give Where You Are
While global challenges are important, the most immediate needs can often be found right in our community here in San Antonio. The Area Foundation can help you find local charities that make a difference. Giving locally means you can be confident that your donation meets a real need.
- Give to the Causes You Love
The best donations are to causes that match your passions. When you support what matters most to you, you’re more likely to continue giving, and your gift will make a lasting difference. The Area Foundation can help turn your dreams into reality through charitable giving.
If you’ve already set up a donor-advised fund or another type of fund with the Area Foundation, we’re here to support you. Our team can provide updates and insights about local charities and help you continue your good work. Get started here.
