Building a philanthropic legacy is an important part of estate planning and wealth transfer. Not only can this help you make a lasting impact, but it can also help you receive income and estate tax benefits. There are several ways to structure charitable giving into your estate plan. Before you start planning your legacy, you should consider your options. Learn more about this helpful article, go here. The first step is to write down your values. Once you have a clear understanding of your core values, you should start examining how you can live your values and principles. For example, when you receive an appeal for a donation, ask yourself: "Is this the type of legacy I want to leave?" It's important to avoid last-minute giving or reactive giving. The nonprofit watchdog recommends that you give thoughtfully, and avoid making impulse decisions. Another way to build a philanthropic legacy is to establish a named endowment. Naming a foundation in honor of someone is a way to memorialize their work and values. You can view here for more info. It can be an endowment for an organization, a part of a special event, a place or even a blog. In either case, the philanthropic legacy will reflect the values and priorities of the donor. Another way to build a lasting philanthropic legacy is to establish a family foundation. It is an excellent way to teach children and young adults the importance of giving back to society. It can also deepen family bonding and social consciousness. Most importantly, giving increases personal satisfaction and makes us feel better. The philanthropic legacy of Ray Ford has touched the lives of thousands of people throughout southeast Michigan. His generous donations have also contributed to the restoration of the Detroit Central Market. As a former World War II veteran, Ray resolutely committed to giving back to the community. He was a pioneer of the civil rights movement and was instrumental in restoring the Central Market. While Andrew Carnegie's generosity may not be possible for most of us, it's important to make a philanthropic legacy. Even if you are unable to donate millions of dollars, your charitable dollars will still go a long way to making a difference. Consider giving a few dollars to an organization you believe in. If you want to make a lasting impact on society, start today. You can make a real difference by creating a philanthropic foundation. Then, give away a portion of your fortune. Once you start giving, you'll feel great about making a difference in the world. Take a look at this link https://en.wikipedia.org/wiki/Philanthropy for more information.
