I’d like to share a story that can be a beneficial strategy for any charitable donor, no matter what your level of giving may be.
As the story goes, there is a family of substantial means who have their own family foundation from which they direct various charitable gifts. Each year, as a child in the extended family reaches the age of five, that person is then able to direct $500 from the family foundation to the charity of his or her choice. (S)he has to research the charity to which the gift will go and, when all the family are gathered at Thanksgiving, the child must give a report on the chosen charity and share why that choice was made. When the child reaches six years old (s)he is able to direct $600 – and so on as the child ages. What a wonderful way to instill charitable habits in young people. What a rewarding experience it must be during the family Thanksgiving celebration.
This approach can work for your family as well, no matter your financial circumstances. While it is imprudent to gather this year during the pandemic and many will be missing those large family in-person celebrations, whatever method your Thanksgiving festivities may be enjoying, this strategy could be introduced. It can be just as meaningful, benefit charitable causes and serve the purpose of instilling charitable habits in our youth whether that five-year-old is giving $5 or $5,000 or $50,000.
Bonnie Lane - NAZCCA Cottonwood Volunteer
NAZCCA is not licensed to give legal or tax advice and any planned giving strategies you choose to pursue should be discussed with licensed tax and legal counsel.
