
Giving Back with Planned Philanthropy: What part does philanthropy play in planning a lasting legacy?
Giving Back with Planned Philanthropy
At CTS, we understand that success in life is about more than amassing wealth. It’s about the conscious legacy you leave behind for your loved ones, community, and society – the lives you’ve touched or perhaps even changed.
Philanthropic planning allows you to combine your charitable goals with your financial strategies. Many wealthy Americans are now more strategic about their giving, aiming to maximize the social impact of their donations. High-impact giving ensures your contributions are used effectively. By planning your giving, you can understand the causes you care about and build relationships with the organizations you support.
Philanthropic planning benefits both donors and charities. For donors, it allows you to set intentional goals for your giving, ensuring it aligns with your values. It also offers the potential for tax benefits and a proactive approach to philanthropy. For charities, planned giving ensures reliable funding, helping them fulfill their missions more efficiently.
To get started, create a personal or family mission statement. This helps clarify your philanthropic goals. Common giving strategies include scholarships, sustaining donations, donor-advised funds, and charitable remainder trusts. You can also use life insurance to support causes after your death. Deciding when to give, whether now or later, depends on your financial situation and goals. Giving now allows you to see the impact, while giving later offers more control over your assets.
At CTS Financial Group, we can help you define your values and create a giving strategy that fits your needs. Our goal is to support your philanthropic journey and ensure your family’s legacy endures.
We created this special article to share what we believe are some of the financial and social benefits of a proactive approach to philanthropy. Grab a copy here.