Here are some ways you can give smarter:
Think about what you want to accomplish. When deciding how much and to whom to give, make sure decisions are grounded in a strong sense of your liquidity, longevity and legacy goals.
Make a plan. Understand your financial position now, what you expect it to be in the future and to what you want to contribute.
Bring in a professional. Discussing your options with a professional can help provide you with a full menu of options for sustainable investing and charitable giving that fit your financial vision and goals.
When it comes to philanthropy, it feels good to give, but with proper planning and guidance, it can also help reduce your tax burden, allowing you to give more and achieve your financial goals.
(Editor’s Note: This column originally appeared on Investopedia.com.)
— By Justin Demko, senior vice president, UBS