Charity and Philanthropy
How to make a social and charitable impact while preserving your wealth?
In this day and age, people look beyond tables and spreadsheets when considering their legacy.
Making an impact, contributing to social and economic change and ensuring a better and safer future for their family and communities has become an intrinsic part of what one considers when thinking of his legacy.
Due to the difference in life expectancy between men and women, women are often those who oversee the passing on of wealth and assets to future generations.
As guardians of their family wealth, women are redefining how wealthy families manage and protect their wealth while having a positive impact of their social and economic environments.
It is no longer about simply ensuring the financial stability and safety of their children and grandchildren but also about leaving a positive mark on the world and supporting progressive change.
Thoroughly planning for the future
If wealth management and financial planning have been historically more of a man’s job, as wealth increases, women become progressively more involved in protecting their family’s legacy and values.
While patriarchs often plan for market turmoil, taxes and business succession, matriarchs are usually more concerned about preparing for unforeseen health issues.
Typically, women also worry more about ensuring the care of the elderly members of the family or supporting their children in their education and business endeavors for longer than anticipated.
For older generations, part of the wealth planning conversation also revolves around planning for the financial safety of the surviving partner.
Before beginning to consider charitable giving, all concerns regarding supporting their family and ensuring they don’t become a burden to children must be cleared.
An extensive and well-crafted financial planning strategy is essential to overcome the anxiety linked to the unknown. Additionally, translating projections into clear numbers can help clear the fog and work through concerns and fears.
Leaving a positive mark and making an impact
Where men often think of their legacies as what is left to their children after their passing, women are more prompted to give while they’re alive.
Having a comprehensive financial plan gives you an understanding of how much you’re able to give, finding the right charitable organization for a donation or choosing the proper assets to gift can prove challenging.
Indeed, gifting and donating are highly personal but ensuring that there are done in the most tax-efficient way requires the involvement of professional financial advisors.
While several traditional means of gifting and giving such as direct giving and foundations are often considered, donor-advised funds present great flexibility advantages as a charitable entity is created but the fund itself remains under the supervision of its donor.
If you are looking to make a difference while ensuring that your charitable giving generates financial befits for both the giver and the receiver, contact Roke Investments today for more information.
Alisson Saunders
Charity and Philanthropy advisor