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At this time of year, our thoughts are focused on finding holiday gifts for family and attending holiday events. However, it is also the time of year for making charitable gifts and considering the organizations you wish to support. If you have already made your decisions about year-end charitable gifts, the end of the year is also a great time to evaluate your charitable giving strategy (or note the lack thereof) and start planning for next year.

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For most high net worth (HNW) families, charitable giving is a core pillar of their value system. Philanthropy, as part of the family’s legacy, is passed from generation to generation with each generation supporting causes they care about.   According to the Giving USA Foundation, Americans’ generosity reached a record $410.02 billion in 2017, with 90% of high net worth families giving to charities and 48% of these families also volunteering their time to charitable organizations.<a href="#note1">1</a>   However, a recent study showed that while donations are up and donors have confidence in the abilities of nonprofit organizations to address social and global issues, many HNW donors lack a charitable giving strategy and the necessary knowledge to understand whether their giving is making an impact on the issues they care about.<a href="#note2">2</a>   Being strategic about charitable giving will help ensure that your giving has the desired impact. Your estate planning attorney and financial advisors can partner with you to design a giving strategy that meets your needs, and they can help implement your plan to achieve your philanthropic objectives in the most tax-efficient manner.   Some things to consider when creating your strategy:

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According to a recent study of HNW donors, making an impact through giving does matter, and the majority of donors are planning to continue or increase their giving levels despite recent tax law changes. For families without a giving strategy, creating one can improve their philanthropic impact by ensuring the resources go to the nonprofit groups that are providing the best solutions to the problems each family cares about.     Warner can help you design a giving strategy to include a family mission statement, charitable trusts, donor advised funds or a private foundation that will meet your social impact and tax goals. Please contact your Warner attorney or Mark Harder, chair of the Private Client and Family Office Group, at 616.396.3225 or <a href="mailto:mharder@wnj.com">mharder@wnj.com</a>.

1Giving USA 2018: The Annual Report on Philanthropy for the Year 2017, a publication of Giving USA Foundation, 2018, researched and written by the Indiana University Lilly Family School of Philanthropy. <a href="https://givingusa.org/tag/giving-usa-2018/" target="_blank" rel="noreferrer noopener">https://givingusa.org/tag/giving-usa-2018/</a>.

22018 U.S. Trust Study of High Net Worth Philanthropy, published in partnership with the Indiana University Lilly Family School of Philanthropy. <a href="https://www.ustrust.com/articles/2018-us-trust-study-of-high-net-worth-philanthropy.html" target="_blank" rel="noreferrer noopener">https://www.ustrust.com/articles/2018-us-trust-study-of-high-net-worth-philanthropy.html</a>

Legacy Matters

Private Client and Family Office

Partner

Mark K. Harder

Trusts and Estates

‘Tis the Season for Evaluating Charitable Giving

The Warner Norcross + Judd LLP lawyer responsible for the contents of our advertising and this website is managing partner <a href="/people/mark-j-wassink/" aria-label="Mark Wassink">Mark Wassink</a> who can be reached at <a href="mailto:mwassink@wnj.com" aria-label="email Mark Wassink">mwassink@wnj.com</a> or 616.752.2189. Please read our full <a href="/privacy-policy/" aria-label="see privacy policy">privacy policy</a> available on our website.

‘Tis the Season for Evaluating Charitable Giving

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