With the new year approaching, what better way to reexamine who you are than by giving to someone or an organization that needs it. Read on as we dive into the aspects of charitable giving to help keep you focused on becoming the new you this new year.

Conduct a Self-Assessment

What is driving you to give? What are your goals for giving? Giving is very personal, and everybody gives for their own reason. For some, it is a reflection of their life experiences, something within the environment or nuance within the culture that inspires them. For others, it may be purely financial as they seek out tax advantages.

Determine What You are Interested in Giving

Cash, other assets such as art, or even your time – There are a variety of ways to give to charity. Determine which method works for you and your giving strategy. Consider these ideas for impactful giving:

• Financial donations such as cash, stocks, bonds, or other securities. You can donate online, through the mail, in-person, over the phone, or through a donor-advised fund.
• Specific assets such as clothing, children’s toys and games, a vehicle, artwork, hotel points, or other items.
• Tax considerations may play a part in your decision. A financial professional can help you navigate the impact tax could have on your giving strategy.
• Talk to your employer about your giving plans. Many employers will offer to match your contributions.
• Consider volunteering as a means of charitable giving. Giving doesn’t only involve cash and assets. You can also give your time, knowledge, or specific skill set.

Causes Meaningful to You

Giving to causes that matter to you can go far beyond the financial aspect. Giving because it makes you feel good inside may be more beneficial than doing it for a financial reason.

Research Potential Charitable Organizations

If you are interested in giving it is helpful to do your research and learn about the different charitable opportunities. There are resources and tools that are available that can help you navigate the world of philanthropy so you can get the most out of your giving. Some of these include:

• Charity Navigator
• GuideStar
• Center for Effective Philanthropy
• Fidelity Charitable

Research Possible Tax Considerations

Before you meet with a financial professional, do your own research to learn how proper tax planning could help to reduce several kinds of federal taxes: estate taxes, income, and capital gains. Becoming knowledgeable through your own efforts may help you understand more thoroughly how your decisions impact you from a tax standpoint, now, and into the future.

Consult Your Financial Professional

All forms of charitable giving could have some impact on your financial goals and strategies. It is critical to meet with a financial professional to conduct a comprehensive review of your current situation, how you plan to give, and how it could shape your future financial decisions. Let the new year be that new start for how and why you give. It is never too early to meet with your financial professional to start creating a giving strategy.

Schedule a meeting today!

Important Disclosures:

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.

This article was prepared by LPL Marketing Solutions

LPL Tracking # 646890

Sources:

Nonprofit data for donors, grant-makers, and businesses | GuideStar | Candid

Home-CEP | The Center for Effective Philanthropy

Research Charities | Fidelity Charitable

Charity Ratings and Donor Resources | Charity Navigator

Charitable Contributions: Tax Strategies (fidelitycharitable.org)

The post New Year, New Giving: Mapping Out Your Charitable Gifts for the Year Ahead appeared first on Choice Bank.

How Does it Work?

Contributions must be claimed as itemized deductions on Schedule A of IRS Form 1040. The limit for cash donations is generally up to 60% of the taxpayer’s adjusted gross income; however, in some cases 20%, 30%, or 50% limits may apply. Deductions are permitted by the IRS for cash and non-cash contributions depending on that year’s rules and guidelines which may change, so individuals should stay up to date.

Is It Counted as a Charitable Deduction?

Deductions can only be made for contributions that plan to serve a charitable purpose. The IRS also requires the organization to qualify for tax-exempt status.

What Determines a Qualified Organization?

According to the IRS, qualifying organizations include those that operate for charitable, scientific, literary, religious, or educational pursuits, or to combat child or animal abuse. There is a long list of qualified organization examples that can be found on the official IRS website.

What if I Have Non-cash Gifts?

Charitable contributions of goods such as household items and clothes, are acceptable just like artwork and real estate, and must be in good condition so the recipient can use the donation. The deduction amount is based on the item’s fair market value. If the deduction for the non-cash gifts is over $500, individuals, corporations, and partnerships must include Form 8283 when they file their tax returns.

Vehicles
Vehicle donations are a bit different. If the fair market value of the vehicle is over $500, taxpayers can deduct the lesser of:

• The vehicle’s fair market value on the date the gift is given, or
• The gross proceeds from the sale of the vehicle by the organization.

However, if the individual sells the vehicle for $500 or less, a taxpayer can deduct the lesser of:

• $500, or
• The vehicle’s fair market value on the date the gift is given.

Capital Gains
Appreciated capital gains are generally limited to 30% of the taxpayer’s AGI if they are made to qualifying organizations and 20% of the adjusted gross income for non-qualifying organizations.

What if There is an Economic Benefit Attached to a Donation?

If a donor is given an economic benefit in return for their gift, for example, a calendar, this is called a “quid pro quo” donation. If this is the case, their contribution is limited to the amount of the donation in excess of the fair market value of the calendar. If the fair market value of the calendar is $10 and the contribution is $50, the deductible amount is $40.

Non-Financial Benefits of Purposeful Giving

Not everything is about money. Some of the non-financial aspects of giving include:

1. Making a Difference in People’s Lives
   When you give to charity you are providing less fortunate people with a way to make their lives more manageable and less stressful.
2. Improving Your Own Health
   It may make you feel good, and that can make you happy. According to Northwestern Medicine, happiness is great for your health. It may lower your risk for cardiovascular disease, lower your blood pressure, improve sleep, and numerous other health-related benefits.
3. Helping to Foster a Sense of Purpose Within Yourself
   Giving provides some people with a sense of purpose in life. Studies indicate that individuals can fair much better in their lives when they have a purpose.
4. Helping to Build Stronger, Safer Communities
   People can benefit in several ways from charitable giving, such as improving life skills, learning a trade, or some other activity that can give back to the community. This, in turn, can help grow, develop, and inspire a culture of giving within the community.

Consider Discussing Giving Ideas with a Financial Professional

Charitable giving can be complex and impact you in a variety of ways. To get the most out of your charitable donations, consider consulting a financial professional to ensure you are taking the steps necessary to align with your financial strategies and goals while working to mitigate the risk of financial implications due to uninformed decision-making.

Sources:

Charitable Contribution Deduction: Tax Years 2023 and 2024 (investopedia.com)

Publication 526 (2023), Charitable Contributions | Internal Revenue Service (irs.gov)

What is Form 8283? (thomsonreuters.com)

Charitable contribution deductions | Internal Revenue Service (irs.gov)

How Happiness Impacts Health | Northwestern Medicine

The Health Benefits of Giving | RUSH

Important Disclosures:

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific situation with a qualified tax advisor.

This article was prepared by LPL Marketing Solutions

LPL Tracking # 630183

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A 2020 study by the Milken Institute Center for Strategic Philanthropy found that the wealthiest 1% of society donates 99% of the world’s charitable gifts. Also, U.S. philanthropists contributed 51% of the global giving, with donations of $90.5 billion that same year.

Most Philanthropic donors are between ages 50 and 70, but the younger generations, Gen X and Millennials, give more than older donors as their wealth increases. Here are seven other things to know about philanthropy:

1. Over half (56%) of investors have a giving strategy, and 22% of investors would consider having one.
2. Many investors work with their financial professionals (63%) and family members (43%) in developing their giving strategy.
3. 91% agree that a charitable giving strategy is part of their overall wealth strategy.
4. Investors with lower wealth tend to use donor-advised funds, whereas investors with more wealth use a variety of investment vehicles.
5. One-third see their giving strategy changing over the next two years, and many will increase their giving and support more organizations.
6. Nearly all investors claim to be at least somewhat engaged with the organizations and charities they support.
7. 41% engage in sustainable investing, and higher wealth and younger investors are more likely to engage in sustainable investing.

Of those investors that give to philanthropy, many indicate they will increase the amount they give, give to more organizations, and change their method of giving. The top five types of assets that philanthropists give include cash, securities, business interests (company shares of stock), collectibles and art, and cryptocurrencies.

Working with a financial professional can help investors develop a giving strategy as part of their financial plan and determine which investment strategies to use. Financial, legal, and tax professionals can help provide insight into if a family foundation, charitable trust, private foundation, or other entity such as an LLC is appropriate for their situation.

Important Disclosures:

Content in this material is for educational and general information only and not intended to provide specific advice or recommendations for any individual.

All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.

This article was prepared by Fresh Finance.

LPL Tracking #1-05326016

Sources:

https://www.fa-mag.com/news/5-things-to-know-about-high-net-worth-family-philanthropy-63719.html

https://milkeninstitute.org/sites/default/files/2022-04/MI_Strategic_Pilanthropy_042622_final.pdf

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Generally, there are three methods used to gift a life insurance policy to a qualifying charity: a charitable bequest, a charitable gift, and a charity-owned policy. Regardless of the strategy, policy ownership and beneficiary arrangements play an important role in the planning process. A consultation with a legal professional can help clarify your goals and expectations, provide information on the limitations on charitable deductions, and help you work towards the desired results, while avoiding unnecessary complications.

A Comparison of Gifting Strategies

A charitable bequest is ideal if you would like a charity to benefit from the proceeds of an existing life insurance policy but do not wish to surrender control during your lifetime. By changing the designated beneficiary to a desired charity, you retain the benefits of owning a policy because incidents of ownership still exist in the policy. There is no immediate income tax benefit for this type of charitable gift. Upon your death, however, even though the proceeds will be included in your gross estate, a charitable deduction for the full value of the policy proceeds is allowed.

If you wish to receive an immediate income tax deduction for a gift of an existing policy, consider a charitable gift. By changing the beneficiary and ownership designations to a favorite charity, you can obtain an immediate gift tax charitable deduction for the policy. This deduction is based on the lesser of your cost basis or the value of the policy. You may also qualify for an income tax deduction.

If you make regular cash contributions to a charity, you may be able to leverage smaller gifts into a larger endowment. With a charity-owned policy, a life insurance policy—where permitted by state law—is purchased by and made payable to a charity of your choice. Policy premiums are technically paid by the charity. To offset this cost, you make annual cash gifts to the charity, and as a result, you may be eligible to deduct a portion of your charitable donations from your income taxes. A gift tax charitable deduction for the full value of the annual cash gift is allowed. This strategy creates a “win-win” situation for you and the recipient charity.

Know the Insurable Interest Laws

Regardless of your gifting strategy, be aware of the insurable interest laws in the state where the policy was originally purchased. Although the donor makes contributions to the charity in cash, which is then used by the charity to pay premiums on the life insurance policy, the life insurance policy insures the donor’s life. Insurable interest is typically considered to be an interest based on family, marriage, or financial obligation; consequently, the charity’s insurable interest in the policy may be called into question, thereby jeopardizing the tax benefit and placing the policy proceeds in the donor’s estate. However, a case for insurable interest can be anticipated and incorporated into the trust documents.

The Best of Both Worlds

If you are charitably inclined and are seeking tax advantages, the gifting of life insurance can offer unique planning opportunities. The potential for charitable income tax deductions or an estate tax reduction, combined with supporting a worthy cause, may make this type of gift appropriate for you. Usually, such charitable life insurance gifting strategies can be accomplished with few legal challenges and little publicity. Careful planning, with the guidance of a legal professional, can help you work towards structuring the charitable life insurance program according to your wishes.

If you have questions about your options for charitable giving, please schedule a meeting with us!

Important Disclosures:

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.

All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.

This article was prepared by Liberty Publishing, Inc.

LPL Tracking #1-05267665

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Giving to a Reputable Charity

Unfortunately, fraudulent charities do exist. To ensure a charity is legitimate, ask them for details about their mission and how they’ll use your donation. The charity should also provide you with proof that your contribution is tax-deductible. Visit the IRS Tax Exempt Organization Search to find a list of reputable, tax-exempt charities.

Consider Non-cash Contributions

While cash may seem an easy way to give, there are other ways to make a charitable donation. You can invest in a charitable gift annuity where you donate a lump sum of money upfront, and the donor charity receives lifetime payouts on a fixed schedule.

If you choose a non-cash contribution, you may be eligible for a partial charitable tax deduction. Another option is a donor-advised fund that allows you to claim a potential charitable tax deduction today for funds you contribute to a charitable investment account.

Also, if you’re older than age 70 ½, you can gift your favorite charities up to $100K from an IRA. This giving is known as a Charitable IRA Rollover which may enhance your tax benefits.

Understand the Tax Benefits of Charitable Giving

In the past, you couldn’t deduct charitable gifts if you took the standard deduction. This option was only available to those who itemized their taxes. As a result of the CARES Act, you can claim a deduction of $300 as a single filer or $600 if you’re married, filing jointly for cash donations given directly to a charity in 2021. Charitable giving may also reduce any estate taxes you might owe.

Keep Records of Your Charitable Contributions

Whenever you make a charitable contribution, hang on to the receipt, credit card statements, ​​letters of acknowledgment, and IRS Form 8283s for proof. The documents should include the name of the charity, the date you donated, and the amount or value of your contribution.

Consult Your Financial and Tax Professionals

A financial professional can help you determine how much you can afford to give to charity. You may also count on a tax professional to share sound advice on tax-saving strategies that can improve your financial situation. These professionals will work together to help you develop a giving plan that includes the benefit of tax savings. We would love to get in touch with you about your charitable giving plan.

Talk to a Financial Advisor

Important Disclosures:

Contributions to a traditional IRA may be tax deductible in the contribution year, with current income tax due at withdrawal.  Withdrawals prior to age 59 ½ may result in a 10% IRS penalty tax in addition to current income tax.

This material was created for educational and informational purposes only and is not intended as tax, legal or investment advice. If you are seeking investment advice specific to your needs, such advice services must be obtained on your own separate from this educational material.

All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.

This article was prepared by FreshFinance.

LPL Tracking Number: 1-05216339

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Non-cash Charitable Contributions

Contrary to popular belief, cash is not the only way to give back. Instead of cash, you might want to consider taking advantage of donating appreciated stock or assets that you’ve held for more than a year. Through this strategy, you’ll be able to save on capital gains taxes.

Another option is to name a charity as your life insurance policy beneficiary. Note that you can change beneficiaries if you are the owner of the policy. In addition, you can donate goods that can help an organization. If you donate goods, you can ask for a tax deduction form, as long as the goods are in good or better condition.

Qualified Charitable Distributions (QCDs)

If you’re 70 1/2 or older, you can use a QCD to donate directly from your IRA to the charity of your choice. While the gift amount won’t qualify for a charitable deduction, it won’t be considered taxable income either. This strategy allows you to deduct the amount transferred to the charity from your taxable income. In addition to reducing your taxable income, a QCD might be helpful if you won’t reach the level of itemized deductions to exceed the standard deduction amount but would still like to make charitable gifts.

Donor-Advised Funds (DAFs)

You can donate cash or other assets to a charitable investment account and receive a tax deduction immediately with a DAF. Since a DAF will grow tax-free, you may choose to distribute funds over time to organizations and causes that are important to you. If you time your contributions to coincide with higher-income years, you’ll enjoy a more significant tax deduction.

Bunch Your Donations

Bunching or concentrating your donations in one year instead of skipping one or several years is a great way to make the most out of potential tax deductions. This option may make the most sense for your situation if your total itemized deductions for a single year fall below the standard deduction. By making charitable contributions for several years at one time, the total of your itemized deductions can exceed the standard deduction and offer some tax benefits.

Consult Your Financial Professional

A financial professional may work with you to help you design a charitable giving strategy. Together we’ll help you review your financial situation and work towards meeting your goals. We would love to meet with you to discuss charitable strategies!

Talk to a Financial Advisor

Important Disclosures

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.

This article was prepared by Fresh Finance.

LPL Tracking # 1-05265262

Sources:

https://www.forbes.com/advisor/investing/donate-stock/

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3 Ways Small Businesses Can Donate to Charities

While cash donations are one of the most common ways to give to charities, small businesses may also provide support in other ways.

1. Volunteering – Instead of donating money, your business will be able to make an impact by donating their time to a local charity, such as a soup kitchen or homeless shelter.
2. Host a Charity Drive – If you see a need in their local community, consider helping by starting a drive to collect needed items, such as a holiday toy drive or canned food drive.
3. Take Advantage of Local Sponsorship Opportunities – Local youth organizations and groups are often looking for sponsorship. Consider sponsoring a sports team or local community event. You will also get a little advertising and community goodwill out of your involvement.

Find a Cause That is Meaningful to Your Company or Employees

All types of charities are looking for support, which means it is easy to find one that resonates with your business culture and employees. This way, you will be more personally connected to your contribution, which will mean something to you and your employees.

Research Charities You Are Interested In

Take some time to learn about the different charities you may wish to contribute to. Through some research, you will be able to find out how much of the contributions go into their programming, what kind of services they provide to the community, and the impact your donation may have. This will give you a clearer picture of how you are helping through your contribution.

Build a Relationship With Your Chosen Charities

Even if you only contribute to your charity once a year, you want to stay connected and find out other ways you are able to assist throughout the year. This is a great way to stay connected with your community, network, and build relationships with other businesses.

Get Your Employees Involved

Have your employees volunteer with the charity or offer contribution matching for employees who donate independently. This will help your employees connect with the charity and provide the charity with much-needed assistance throughout the year.

It is important to remember that every dollar counts for charities, so even if your business only contributes a small amount, it will still be making a huge impact on the community.

Important Disclosures:

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.

This article was prepared by WriterAccess.

LPL Tracking #1-05377994

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DAFs date from the 1930s but did not become popular until the 1990s. DAFs act as vehicles for receiving gifts, often of appreciated stock, and then distributing cash grants to charities selected by the one making the donation. DAFs make the process of transferring appreciated stock and designating checks as simple as a bank’s bill-paying system.

All DAF donors receive a tax deduction on the date of transfer. You can also transfer stock during one calendar year and receive a deduction even if the DAF completes distribution of grant money to a charity in a subsequent year. According to Internal Revenue Service rules, you calculate the value of your donation and the resulting fixed deduction based on the average of the high and the low market price on the day of transfer. (You are responsible for computing this value.)

After receipt, the stock you gifted is sold and the DAF, itself a charity, pays no tax on any capital gain realized. The proceeds may remain in cash or you may direct the DAF to invest those assets for potential further appreciation (usually in a professionally managed separate account). Any subsequent change in the value of the account does not change the amount you can deduct on your taxes.

As the donor, you direct to which charities the DAF distributes assets. Officially, the DAF owns the assets and is not legally bound to use them as you direct, but it is exceedingly rare for a DAF to not follow the donor’s advice.

Most DAFs also maintain a database of 501(c)(3) tax-exempt charities, based on those organizations’ IRS 990 filing, from which you chose. After you suggest an amount to gift and a charity to receive the gift, the DAF vets and processes your suggestion to ensure the organization qualifies as a public charity under the IRS code. DAFs also handle all record keeping and due diligence and can protect your identity if you want to give anonymously.

Donor-advised funds are the fastest growing charitable giving vehicle in the United States, with more than 1,005,099 donor-advised accounts holding around $159.83 billion in assets. To put that in perspective, the Bill and Melinda Gates Foundation has about $49.8 billion in assets.

Besides considering a DAF, here are other ways to make your charitable giving more significant:

1. Focus your effort. Passionate giving is more sustainable than spreading donations to every good cause or everyone who asks. Consider focusing your donations to just a few charities. Think through why you are giving and what you feel passionate about.
2. Find bang for the buck. Fund programs that produce the greatest effect for the least money and focus on long-term positive outcomes.
3. Include the next generation. You can include your children in the giving process or even help them gift some of their own money.
4. Talk to Your Financial Professional. If you’re considering a DAF or want to learn more, we would love to meet with you.

Important Disclosures

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.

This article was prepared by RSW Publishing.

LPL Tracking #1-05306261

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When it comes to giving back, your mind might jump to making monetary donations—but that’s not all there is. Using your unique talents and interests to give back is one of the best ways to make a difference, and the ideas below prove it.

Fan of the Arts

Is creativity your middle name? Does a passion for arts and music course through your veins? There are so many ways to use your artistic talents for the greater good.

• If you’re crafty, be it painting, crocheting blankets, sewing sweaters, and so on, consider contacting a local shelter or nursing home to see if you can donate pieces to those in need.
• See if your community has an artists’ group or alliance you can join. It might already have programs in place for artists to donate their time and expertise.
• Many towns and cities have their own community theater programs. Consider donating your time to building sets or sewing costumes.
• Art programs in schools are among the most in need of assistance. Volunteering time to teach classes or donating supplies can make a huge impact.

Fan of Athletics

If you love being physical and engaging in sports, the ideas below can help you give back and stay fit at the same time.

• Almost all races give the proceeds from entrees to charity. Find a race that resonates with you, and start running!
• Local athletic clubs can use all the help they can get. If there is a particular sport you’re good at, budding athletes can surely benefit from your coaching.
• Believe it or not, there are now a handful of apps that pay you every time you track a workout. Charity Miles is one that allows you to choose a charity and give back every time you get moving.
• Check with your local school’s athletic department to see if there are any particular pieces of equipment it needs.

Fan of Animals

Giving a voice to the voiceless is a noble cause, and if you’re looking to make a difference in the lives of animals in need, check out the list below.

• There are approximately 3,500 animal shelters across the United States. Check with the one closest to you to see if it’s looking for volunteers.
• Apps like Wag! and Rover are great for dog lovers with a little extra time on their hands. After answering a few questions and creating an account, you can help people in your community keep their pets active by walking them when their owners aren’t able.
• Fostering animals has become increasingly popular, as it allows you to be a vital part of rehabilitating an animal who has suffered abuse or neglect. Best Friends and the ASPCA are just two organizations that can match you with a foster animal.
• Most shelters are in need of pet food and toy donations, so if you don’t have a lot of free time, you can still ask what items your local shelter needs and work with members of your community to round up donations.

LPL Tracking #1-05164019

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Unfortunately, despite the greatest of intentions, many will inevitably make mistakes in how they give, especially if they wait until the last minute. So, here is a list of things for you to think about as you consider your year-end charitable donations.

Make a Plan

Ideally, at the beginning of every year, you should map out a plan to maximize the tax benefits of your giving with your tax professional. Really think through what is important to you and what you want to support. Is it an organization that supports literacy? Or provides food? Or shelter for families? Creating a plan will help you be less reactive and feel less boxed in when friends ask for your charitable support.

Research Your Charity

It’s easy to get fooled by a charity’s name so you need to do your homework. Beware of scam artists pretending to represent an organization that doesn’t exist. Read a charity’s financial statements to see how they spend their (your) money. Even better, volunteer before you write a check.

Donating Stock

If you have owned stock for more than a year and it has appreciated, don’t sell it first and then give the cash to charity. Those appreciated assets can be donated directly to charity without you or the charity incurring capital gains taxes (consult your tax professional to be sure).

Selling Your Personal Info

Quite a few charities will rent or sell the addresses, phone numbers, email addresses, and detailed social media profiles of their donors, which means you might start getting a bunch of unwanted calls, emails, and friend requests. Make sure you review a charity’s privacy policy before you give them your information. Many times, you have to actively “Opt Out” to ensure your personal information is not used.

Ask for A Receipt

Remember, for charitable contributions of $250 or more, you need a donor’s acknowledgment letter. Generally, it’s a good idea to obtain receipts, especially when donating goods.

Don’t Delay

Shockingly, a whopping 12% of all giving occurs in the last 3 days of the year! But if you mail a check postmarked after December 31st, then you might run into trouble. Make it easy on yourself and don’t wait until the last minute.

Money Can’t Buy Happiness, But Maybe Donating to Charity Can?

Consider research from the Harvard Business School study “Prosocial Spending and Happiness: Using Money to Benefit Others Pays Off,” which found:

• Spending money on other people has a more positive impact on happiness than spending money on oneself
• Spending more of one’s income on others predicted greater happiness

Discuss with Your Financial Professional

If you have any questions or need help mapping out your charitable plan, set an appointment to discuss it with your financial professional.

Important Disclosures

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.

This article was prepared by RSW Publishing.

LPL Tracking #1-05318847

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