How do I become a philanthropist?
In the fourth in our series of blogs looking at wealth management issues, Graham Gordon looks at philanthropy.
Philanthropy involves an individual giving to a specific organisation whose aim is to resolve a particular problem. It is about making a difference in an area of special interest to the donor and can help to build self-worth and develop a fulfilling role in the community.
Setting up a foundation is the most appropriate philanthropic vehicle for people who want to become heavily involved in a certain field, although wealthy individuals can now give effectively in a number of innovative ways.
The benefits of supporting community foundations
Organisations such as the Community Foundation for Lancashire are well-suited to individuals looking for a less hands-on approach. As part of the national movement of community foundations, the organisation facilitates philanthropy, with donors specifying how they want their money to be used.
Tax-efficient giving focuses resources where they are needed
Being an effective donor means making informed decisions to support deserving organisations in a tax efficient manner that dovetails with your broader wealth management strategy.
Our partner-delivered service allows us to provide professional advice at the highest level. Typically, this entails helping individuals to maximise their philanthropic resources through income tax and capital gains tax relief, inheritance tax exemptions, Gift Aid and other tax advantages.
Understanding the people you are helping
We can also work closely with individuals to identify and develop the most suitable financial structure for their philanthropic activities. We assist you to fully understand the organisation you are supporting so you can be confident that your giving generates the highest possible value for its causes and beneficiaries.