Finance Step 1: Create a giving budget First, take a look at your overall financial situation and determine how much you can reasonably give. If you’re unsure about what that amount might be, now is the time to consult with a qualified financial planner or wealth advisor – this is something that you don’t want to get wrong. Step 2: Create a timeframe Is your gift a one-time event, or an ongoing occurrence? Thinking about your cash flow and expenses, when does it make most sense financially for you to give – and for the other party to receive a gift? Doing a little planning here can help magnify your impact, while minimizing any potential disruption to your own finances. Step 3: Think about the “how” As we discussed above, there are many different ways to give; choosing the right structure can help ensure that your gift is used for the purpose you intended it, while making the greatest impact on the recipient. The right kind of gift can also help you take full advantage of any tax benefits which your gift might generate – or to steer clear of any unintended tax consequences for you. Step 4: Communicate your intentions A surprise gift makes for great drama on TV. In reality, though, it’s usually a much wiser idea to communicate to your intended recipient before you give; doing so might help you better understand what kind of support they need. And if there’s a possibility that your gift might be contentious or raise eyebrows with close family who feel excluded from your largesse, communicating can help you avoid the “shocking surprise” which can sometimes lead to family acrimony and legal hassles. Crafting a giving strategy Now that you’ve given some thought to the basic purpose of your gift, it’s time to come up with a personal giving strategy. Again, if your purpose is to provide a one-off donation to an immediate cause, then strategy might not play into it all that much. But if you intend to make a more significant gift, or for giving to become something that you do more frequently, then it makes sense to be more structured with your approach. Here’s a quick, four-point plan that can get you started. 28 | www.snowbirds.org
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