SHARE:  

Richard C. Peck Consulting, LLC & The Philanthropy Guy, LLC


Providing consulting and educational services to nonprofits, donors, and professional advisors related to impactful charitable giving

CONTACT RICK

Charitable Giving Newsletter

12/13/23 Edition


In This Week's Issue:


What's the Risk of NOT Doing This?


Weekly Tips for Nonprofits, Donors, and Professional Advisors

What's the Risk of NOT Doing This?

You know, many years back, I used to REEL at the idea of paying for any type of insurance (disability, homeowner's, renters, long-term care, life, property & casualty, and so on). But, insurance, at the end of the day, is something people buy when they want to transfer the risk they cannot afford---or don't want---to take on. Makes sense! It's actually a wonderful product. As it relates to charitable giving, donors (or potential donors) may be interested in how their life insurance policies, or their ability to be insured, can benefit their favorite organizations. Donors may have life insurance policies that are no longer needed but should consider keeping them in-force and naming a charitable organization as the beneficiary. A charitable endowment could also be of interest: the donor gets the benefits of deductible contributions to the organization (which could own the policy and be the beneficiary): the organization gets the benefit of a large capital infusion at the donor's passing. We all know that nonprofits are trying to build those endowments! Of course, as with any advanced planning, context is key and coordination can lead to a more impactful legacy. Steven can help with that:

Steven Bowles: Founder and Owner of Catalyst Advisory


Steven came HIGHLY recommended to me a few years ago. He founded Catalyst Advisory, applying the best practices he learned working in a family office to other families under an independent

umbrella. Catalyst works with the best insurance professionals, wealth management firms, and trusted advisors to solve complex problems for their clients. Steven’s expertise, deep experience, personal touch, responsiveness, and independent streak make Catalyst an ideal solution for families seeking to make the most of their financial legacy. Learn more about my friend Steven here: catalystadvisory.io/our-process

A Tip for Nonprofits: Do people have a hard time donating on your website? If that experience is lousy, people will grow impatient and likely find a different nonprofit with a more pleasant experience! Read more here regarding excellent examples of online donation pages: 13 Best Donation Page Examples for Better Fundraising (donorbox.org)

A Tip for Donors: Are you age 73 or older and need to make a Required Minimum Distribution (RMD) from your Individual Retirement Account (IRA) by the end of the year, but you don't want to pay the potential tax on the income? And, it just so happens that you are also charitably inclined (which is important)? Well, cheer up, because a Qualified Charitable Distribution (QCD) is an option for you! Read here for more: How to Reduce Your Taxes and AGI by Giving to Charity (investopedia.com)

A Tip for Professional Advisors: Feeling like you still need to become more well-versed in the world of charitable giving? Well, how about a movie? Uncharitable is a film that came out this year that just might change your perspective forever. And, it has Edward Norton in it, too! See the trailer here: https://www.youtube.com/watch?v=PtaPoh74LIo

"The best things to do with the best things in life is to give them away."

~Dorothy Day

Richard C. Peck Consulting, LLC and The Philanthropy Guy, LLC

About Rick

1373 Post Road, Unit 7E

Wells, Maine 04090

+1 (603) 387-3897

Facebook  Instagram  Twitter  YouTube
Please forward this e-mail to others if you think they would like to sign up for this newsletter (using this blue button here)!