By: Andrew Woods
Senior Development Associate
Tax time is upon us. As you work with your accountant or do your own taxes, it’s helpful to remember that you can save on next year’s bill to Uncle Sam through charitable giving. With a little bit of planning, you can maximize the impact of your philanthropy and your tax savings. A tool many ASSOCIATED supporters find useful is a donor advised philanthropic fund.
If you have recently sold a business, received a significant tax refund, or experienced any other sort of financial windfall, you may want to put those dollars to work in a tax-advantaged way. When you establish a donor advised philanthropic fund at THE ASSOCIATED, you can offset that windfall with a substantial charitable deduction, while deciding later (when you want to) what charities you’d like to see supported.
It’s easy! Our team in the Center for Funds and Foundations will work with you and your family to stay abreast of community needs and will handle all of the paperwork associated with grant-making. You can focus on your giving while we attend to the incidental details.
Make it a family affair! If you’re interested in including your children, grandchildren, or other family members in your tzedakah, you may consider naming them as successor advisers. This way, they will have the right to continue grant-making after your lifetime. With a donor advised philanthropic fund, you can help ensure that your children will care about this community as much as you do.
Learn more about this easy and efficient way to manage your giving by contacting Andrew Woods at 410-369-9310 or firstname.lastname@example.org. For more information the many benefits of donor advised funds, visit http://www.associated.org/philfunds.