5 Questions to Ask Yourself Before Donating

One of the best ways to ensure that your legacy makes a lasting impact is to consider donating to charity. There are many questions to consider when deciding to donate to a charity. Use your trusted financial and legal advisors to help guide you along this journey. Below are a few questions that you can ask yourself before deciding on a charity.

1. Align your giving with your values, passions, and interests

Create a spreadsheet with three columns; one for values, one for passions, and one for interests. Do you value education because you have seen the opportunities that good education has brought to your family? Are you passionate about music and the positive impact it has on children? Do you enjoy collecting art? These may be some questions that you ask yourself when completing your list. This is a great exercise to complete with your spouse to make sure that your charitable dreams align with one another. Once you have completed your list of philanthropic goals you can take steps to put the plan into action. Sharing your list of goals can be a great conversation to have with your financial advisor at your next meeting.

1. Think about every donation

This may seem obvious, but avoid donating under pressure or impulse. The charity that you are interested in will still be around after you take some time to study their mission. The holiday season often brings many charities sharing their missions with the world. Although each charity has its own value, they may not align with your philanthropic goals. Even if you do not opt to donate to a particular charity you can always share their mission with a friend or family member.

3.      Are you looking to make a local impact or a global impact?

This question can be powerful. Do you want to make an impact to the people within your own community? You may be a small business owner who is so grateful to the community that has made their business possible for so many years. Whatever your story is, there will inevitably be a charity that is perfect for you.

4.      Verify your charities

A key document that should be available on a non-profit organization’s website is an IRS Form 990. This form provides valid and basic information about an organization to help you make an informed decision. There are also several online resources that can help you make an informed decision.

• The Chronicle of Philanthropy produces an annual list of America’s favorite charities.
• GuideStar can connect you with complete and up-to-date non-profit information.
• BBB Wise Giving Alliance is a network that allows donors to give wisely and allows charities to build trust.

5.      Volunteer Your Time

As part of your retirement plan you may find that volunteering your time to a charity may be a more viable option when compared to offering financial support. As your financial advisor guides you through your retirement plan you may find volunteering to be a great opportunity. Volunteering after retirement is a wonderful way to spend your time while supporting your community.     

No matter how you decide to support your favorite charities, your financial advisor will be with you every step of the way.

Happy Giving!

Your friends at Aspire