Tax Planning can never be done without enough planning

Many people are looking for ways to get the most out of their charitable actions. Surprisingly, it doesn’t take a village in order to make your money work for you and help you make a difference in the world. You just need to be thoughtful and strategic because it’s not only how much you give but the way you give that can increase its effectiveness, especially when talking about a managed charitable fund, like JGive Platinum DAF.

Here are five steps that will help you devise a plan to stretch every Shekel to its maximum impact.

Step #1: Identify your goals

There are over 1300 well-deserving causes on JGive’s platform- homelessness, the environment, refugees, medical research, arts and humanities, Zionism, religion, and education, just to name a few. If that’s not enough, you can also grant to ANY Article 46 recognized nonprofit organization through our platform as well.

How can you decide where and how much to give? The first thing you must do is ask yourself- why am I giving? Make it personal. What motivates you? What gets you out of bed in the morning? How does supporting a particular cause reflect your values? Talk to your family and involve them in the decision. If you have children, including them in your giving strategy can lead to new ideas and be an inspiration for them—and you.

Next, write down exactly what you just talked about with your loved ones/advisors and map out exactly what charities reflect your values. This type of values-based giving can make your donation more meaningful and personal, and it can motivate you to continue to find new ways to give.

Step #2: Establish your giving structure

Decide what types of assets you’ll give. It can be cash, stocks, or, on a case by case basis, even items such as real estate, jewelry, or other appreciated assets can help fund a JGive Platinum account. Donating appreciated stocks can be particularly effective for both your tax planning as well as your philanthropic goals. 

Before making your donation, it can be wise to talk with a financial advisor or tax planner in addition to availing yourself of our philanthropic advisors in order to best execute your giving strategy. 

Step #3: Create your giving plan

Instead of focusing just on the current year, it can be helpful to set a three-year or even five- year plan- how much you want to deposit, invest, contribute from various asset classes, and grant. This kind of giving can help ensure that your personal, financial, and philanthropic goals are all aligned.

Next, do some research. Zeroing in on specific organizations can be a challenge. JGive Platinum’s dedicated philanthropic advisors, account managers, and general staff can help you find what you’re looking for. Also, get recommendations from friends and family who are knowledgeable about the causes you want to support- make the act of giving a family and community-wide activity. 

Step #4: Implement your giving plan

Think about your gift’s purpose, how often you want to give, and if there are any specific terms you want to designate. Do you want your gift to be applied to a specific purpose, or do you trust the organization to determine its best use? If your gift is ongoing, will it be monthly or annually? While taxes may play a part in how you time your gifts, some families give at specific times of the year—like Passover, Purim, or the High Holidays—to make the gift more meaningful.

A JGive Platinum account may add some flexibility and aid your giving plan- you can receive your tax receipt immediately by funding your account, give at a later date, and invest the funds meanwhile to let them grow, tax-free. E-mail us today (Platinum@jgive.com) and see if a JGive Platinum account makes sense for you!

Step #5: Explore further

Whether you’re brand new to philanthropy or a seasoned hand, keep your eyes, ears, and mind open to different ways of giving. This includes asking your employer if they match charitable donations, establishing a giving circle or payroll donations in your place of work(just ask us about our payroll giving structure here at JGive@work, or organizing a fundraiser or event to support a cause. You might serve on the board of a nonprofit or offer your professional services. Be flexible. How, where, and how much you give today may change as you and your passions and interests change.

To learn more about creating a comprehensive giving strategy, you can talk to anyone at the JGive Platinum team or one of their philanthropic advisors. It will help you zero in on the values and causes that are important to you, craft focus statements, engage your family members, determine your charitable giving budget, and ultimately devise a strategic plan.

To us, charitable giving isn’t only an act of generosity but a way we can all enhance our own lives. By giving meaningfully—and strategically—you can derive a deep sense of satisfaction knowing you’re making a difference. Happy giving!

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