20 charity planning questions guests can ask while on vacation in 2021
What would you like to know
- The pandemic and other events have caused some clients and their families to reconsider their charitable priorities.
- Counselors can be very helpful in helping families plan how, when and how much to give.
- It is very important to make grant recommendations as early as possible in the year.
More families will be able to celebrate the holidays together this year than last year. While getting together through Zoom last year was better than not getting together, getting together in person this year will allow families to have more meaningful conversations about their charitable planning for this year and beyond.
The pandemic and other events have caused some clients and their families to reconsider their charitable priorities in recent years. Fortunately, in these times of great need, donors, especially those with Donor Advised Fund (DAF) accounts, have responded generously. American Endowment Foundation DAF donors gave 30% more to charities in 2020 than in 2019 and have already given 50% more this year. Other DAF sponsors are also reporting increases.
Some families or family members may wish to continue supporting the same organizations they have always supported, while others have already changed direction and supported new causes or charities, adjusted the amounts they have. granted to their usual beneficiaries, or wish for changes in the future. While there may be differences between family members, philanthropy can often help keep them united.
Usually families want to have this discussion themselves, but it may be beneficial to include a trusted family advisor who knows the financial, legal, or tax aspects of charitable giving. There have been many changes to the tax laws that affect charitable giving over the past few years and this year is no different, so advisors may want to speak with clients before or during the family reunion, because it can be very useful.