Joint philanthropy offers couples unique opportunities to express shared values and create meaningful legacies. This article explores the top 7 strategies to help couples effectively plan their charitable efforts.
Introduction to Joint Philanthropy
Philanthropy as a couple not only combines financial resources but also serves as a platform for shared values and strengthening relationships. Such initiatives can significantly amplify the impact of donations and create a shared charitable experience.
Top 7 Charitable Giving Strategies for Couples
Here are seven of the most effective strategies for couples looking to make significant charitable contributions:
1. **Donor-Advised Funds (DAFs)** – Flexible and collaborative giving. 2. **Charitable Remainder Trusts (CRTs)** – Income for you, legacy for charity. 3. **Private Foundations** – Building a lasting family legacy. 4. **Charitable Lead Trusts (CLTs)** – Supporting charities now, benefiting heirs later. 5. **Spousal Lifetime Access Trusts (SLATs)** – Advanced estate planning with a philanthropic angle. 6. **Direct Gifting of Appreciated Securities** – Simple, smart, and shared. 7. **Creating a Joint Philanthropic Mission & Budget** – The foundational strategy.
Conclusion: Your Path to Joint Giving
Starting the journey of joint philanthropy can begin with selecting one or more of the mentioned strategies while discussing shared values and goals. It’s important for both partners to be involved and feel that their opinions matter. This will not only help optimize the process but also strengthen relationships by creating a shared purpose.
Combining efforts in philanthropy provides couples an opportunity to create a strong legacy and meaningful impact. Implementing the strategies outlined can foster collaboration and create a successful charitable practice.
