Did you know that National Philanthropy Day is just around the corner? This nationally recognized day of philanthropy and charitable giving occurs every November 15. Its purpose is to bring donors together to make lasting contributions to worldwide charities and nonprofits. 

If you’re ready to fully celebrate National Philanthropy Day, your financial advisor can review tips and pointers with you to make sure that you’re giving strategically. During your consultation, you can make sure your budget is up to date and your financial plan is prepped for National Philanthropy Day. 

4 ways financial advisors can help prepare you for National Philanthropy Day

While the goal of giving on National Philanthropy Day is to benefit communities, giving strategically can benefit your own finances as well. The following tips can help you plan your donations for National Philanthropy Day: 

1. Pinpoint your favorite charities.

It can be easy to feel overwhelmed by the sheer number of charities and countless requests for donations. If you feel like you don’t even know where to begin, you can work with your financial advisor to develop your giving goals. What kinds of causes are you passionate about? What causes mean the most to you? After you answer those questions, you can target some of your favorite verified charities to donate money to on National Philanthropy Day.

2. Know the benefits of donating stocks over cash.

Cash isn’t your only giving option. Giving assets instead of cash can give you unique tax benefits. For example, you can avoid capital gains taxes by giving stock directly to a charity. Charities are tax-exempt, so they will receive 100% of your donation. Plus, you won’t have to pay capital gains tax on it, whereas you would have if you sold it.

3. Look into establishing a donor advised fund.

A donor advised fund is another way you can give to charities. A donor advised fund allows you to give to IRS-qualified public charities over time. You would then receive a tax benefit in the year in which your contribution to the fund is made. Contributions to this fund can be invested and potentially grow tax-free.

4. Incorporate your giving plan into your budget.

If giving a large sum of money on National Philanthropy Day is overwhelming, you can celebrate the day by prescheduling donations throughout the year. Doing so can help you give what you want while sticking to your budget. You can also directly ask your favorite charities about their funding needs and plan your giving accordingly throughout the year.  

Talk to a ProVise CFP® professional about your donations on National Philanthropy Day

Do you want to maximize your giving this National Philanthropy Day? At ProVise Management Group, our CERTIFIED FINANCIAL PLANNER™ professionals can get to know you and your current financial circumstances, goals, risk tolerance and personal values to help you develop a plan that works for you. We can also create a written plan for you at a fiduciary standard of care. All our written plans come with an unconditional money-back guarantee. If you are unhappy with your written plan, you can return it to us, and we will refund 100% of the fee paid.

Are you ready to talk to a professional about donating to charities and receiving tax benefits? Contact ProVise today to schedule a complimentary consultation.