Philanthropy... feels great!
Trying to add a little summer warmth to this spectacular day we are having here on the
pond. This is a Hummingbird Moth that used to visit our Zinnias regularly. It has
an ability to sip deeply like the Hummer, but is much more colorful... and
stands still for photos.
Nova Scotians know that it feels great to give to those who don't have what
But isn't it worth considering
- simply donating cash and o
ther financial assets to registered charitable entities (*) can reduce your taxes
- establishing a foundation used to donate money to registered charitable entities (*) can reduce your tax payable and leave you with an asset having long term growth with a principle that's accessible in ten years
- both of
these expressions of financial giving are accessible to people of all income ranges, and should be considered when planning philanthropic expressions (investments), they don't have to be an end of theyear panic act(ion)
(*) as defined in
It is a relatively well known process... donating to a charitable entity like some youth sports organization, a health research entity (
The example above is given in long hand, because I am having limited success uploading graphs for you to look at on the blog. I will follow this up with some sites that you can visit at BMO and other institutions. But I want to emphasize that the example above is only one year of planning... this is a great way to manage all your donations, and end up with a real nest egg. You get the tax savings up front; the annual ability to donate to your favorite cause; a nest egg for retirement or other use; and the satisfaction that you accomplished a philanthropic feat through good planning.Lynnda and I formed a foundation following the guidance of the BMO Harris Private Bank and their Halifax based investment group. BMO has a vice president who is responsible for philanthropic giving... her name is Marvi Ricker [firstname.lastname@example.org] and the group has been fantastic for us. I am certain that other institutions have similar services, but if they don't, write Marvi a note and she will put you on the right path.
Our foundation this year granted five $3,000 scholarships to students at the Nova Scotia Community College. They are taking courses in the building trades and medical technology... two single mothers, one taking taking pipe fitting and the other med tech; the other three were young men with families taking carpentry and electrical engineering. Combined, their average grade is 92! You can't imagine the pleasure this type of giving can give you, if you plan it right.
A very good non-commercial website for philanthropic planning is:
Another that will give you many options to look at investing while giving:
Bill Clinton has also written about philanthropy in his book simply titled GIVING. Information on the book and his program is at http://www.clintonfoundation.org/giving
We learned a lot from Clinton's TV program on giving, and it motivated us to get more involved in philanthropy and giving back to the community that made things good for us. It actually feels great to be involved, and the time invested gets us away from the TV.
A very cool place on the BMO web site is listed here. I have found this very helpful. http://www.bmoharrisprivatebanking.com/What_We_Do/Giving.asp
Please remember that SUCCESS NOURISHES HOPE
(**) Assets can include cash, but a larger advantage in giving is to use investment shares that have appreciated significantly... you can give them at market value without declaring the gain in your taxable income, and the gift as a deduction.