“We make a living by what we get, but we make a life by what we give
." - Winston Churchill
The word philanthropy derives from Greek “phil” meaning love, and “anthropos”, meaning humankind, so philanthropy is love of humankind. One dictionary defines it as “the effort or inclination to increase the well-being of humankind, as by charitable aid or donations”. So wealthy or poor, anyone who gives to help others is a philanthropist.
There are many ways to donate and with some planning, you can determine which strategy matches your personal ideals. Donations are often made through the giving of your time, which can be a most rewarding volunteer-based pursuit. In order to achieve tax benefits however, donations of cash, investments, property, life insurance and/or the use of charitable remainder trusts are all options to consider. For those who wish to achieve longer-term philanthropic goals, the use of public or private foundations may be appealing.
The tax benefits associated with charitable giving, either through your lifetime or upon death, can help to reduce tax payable, significantly in some cases.
If you would like to learn more about charitable giving, we would be pleased to discuss your options