Consider a donor-advised giving program for your favorite charity

Charitable giving can be done in more ways than one

It is not unusual for those making charitable donations to have concerns. Consider, for example, the case of a person wishing to make a legacy donation to one or more of his or her favorite charities. Typical concerns may be as follows:

How quickly will the money be spent? It is not uncommon for donors to want to create a legacy — to provide support for years to come, or even in perpetuity. The donor may feel some apprehension with respect to providing a charity with a lump sum, with the freedom to spend it without any control. A preferred option may be to have the money invested, with an annual amount going to one or more charities.

In such a case the donor may want to have some input as to how their donation is invested.

A donor may have a number of preferred charities today, but may wish to have some flexibility to look at other options in the future.

A donor may wish to have some input as to how donations to a charity are used.

There are a number of ways to deal with these concerns, but in many cases the solutions are complex and expensive, and require significant administration.

An alternative may be to consider a Donor-Advised Giving Program. Offered by a number of Canadian institutions these programs simplify much of the legal, accounting and administrative issues involved in setting up a charitable foundation, and in the process provide a simple and effective way of addressing the above-mentioned concerns for Canadians wishing to support their favorite charities.

For more information or for previous articles e-mail jim.grant@raymondjames.ca.

 

Jim Grant, CFP (Certified Financial Planner) is a Financial Advisor with Raymond James Ltd (RJL). The views of the author do not necessarily reflect those of RJL. This article is for information only.  Raymond James Ltd. is a member of Canadian Investor Protection Fund. Call Jim at 250-594-1100.

 

 

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