Millions of Baby Boomers and others are finding themselves in a financial position to share some of the fruits of their life’s work with others. According to a study from Blackbaud, Boomers account for $61.9 billion per year in donations, or 43% of all dollars donated.*

But before you begin your own process of giving to a charity, Deborah P. Lauer, Vice President and Wealth Planning Strategist for Wells Fargo Advisors, says it’s wise to start at the beginning. Think hard about broad causes you’re interested in – then use that process of discernment to begin narrowing your search to find particular organizations that best serve that cause.

Find your interests

According to Lauer, many prospective donors have spent their lives with a narrow focus — working, saving, and caring for their families. Often they’re not well-versed on the universe of possible beneficiaries of their philanthropy. She suggests individuals support charitable causes they are passionate about or members of the family are involved in – perhaps music, education, scientific causes, the arts, or health care-oriented organizations.

 Gauge your impact

It is important for budding philanthropists to identify the type of impact they want to make locally, nationally, or even globally. “It’s very common, even with high-net-worth donors, to give locally and benefit their immediate community,” says Lauer. “When they’ve decided on the type of impact they want to have, then they can begin to focus on the type of charitable giving program they want to institute.”

Some will want to set aside charitable bequests, benefiting causes upon their death, while others are eager to begin right away, to see the impact of their philanthropy during their lifetime. But she cautions all of this must be done in close coordination with a person’s Financial Advisor and other professional advisors to determine how the gift or gifts may impact their investment plan, along with their income and estate tax planning needs.

 Do some amateur sleuthing

After you’ve narrowed down the field and thought about where and when to make your impact, you are ready to begin zeroing in on potential beneficiaries of your philanthropy.

The search should always begin by checking a charity’s website. A subsequent review of online tools such as Charity Navigator (https://www.charitynavigator.org/) and Guidestar, (https://www.guidestar.org/), which independently appraise charities, also makes sense. And Lauer says you should always check the IRS website for the Exempt Organization Select Check (https://apps.irs.gov/app/eos/). That site lets you know whether a particular charity is an approved organization and that your contribution is tax deductible.

Consider volunteering

Once you’ve narrowed your search, Lauer suggests you consider volunteering for the charity. Not only does this give you the opportunity to experience the organization from the inside, it also allows you to see firsthand the level of service they’re offering to the community.

Wells Fargo Advisors does not render tax or legal advice.

*2013 Blackbaud study, https://www.forbes.com/sites/deborahljacobs/2013/08/08/charitable-giving-baby-boomers-donate-more-study-shows/

This article was written for Wells Fargo Advisors and provided courtesy of Alfred C. Rich in Fort Myers, Florida at 239-479-7979. Investments in securities and insurance products are: NOT FDIC-INSURED/NOT BANK-GUARANTEED/MAY LOSE VALUE. Wells Fargo Advisors, LLC, Member SIPC, is a registered broker-dealer and a separate non-bank affiliate of Wells Fargo & Company.

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