Donating gently used items when cleaning house counts as charity, but the concept of charitable giving is much more complicated. As an aspect of wealth management and financial planning, determining where to assign your funds so they do the most good requires experienced guidance to maximize benefit for both the recipient and donor. How, when, where, and how much to give are all questions that require careful thought.

Tammy Hardy at Thrive Private Wealth Services (PWS) is ready to create a customized plan for those interested in Conway charitable giving. She offers experience in the financial industry, with important certifications that give her an edge over her competitors. Arrange a consultation with her today and learn more about turning your wealth into a force to help others. 

Tammy Hardy Helps You Identify the Right Recipients for Your Charitable Giving in Conway

The first task when beginning your journey into charitable giving is to decide which organization should receive the money. According to GivingUSA, the most popular choices were religious groups, education, public benefit, grant foundations, and human services. You may wish to add your efforts to many causes, including:

• Research for cancer and other diseases
• Housing groups such as Habitat for Humanity
• Climate change efforts
• University foundations
• Eliminating world hunger
• Protecting children
• Shelters for unhoused or abused individuals
• Caring for animals
• Wildlife conservation
• Healthcare and vaccination efforts in underdeveloped nations

Tammy can discuss your interests and where you would like your donations to make a difference. She will help you determine whether you want to make gifts just once, on an annual basis, or as part of an endowment that outlives you. By identifying whether to choose just a single recipient or to spread the benefit to many causes, you can move forward to establishing a plan for what to give and when.

Your Gift Can Take Many Forms

You may assume that you are only eligible to give cash or transfer money, but you actually have many options. Cash donations may have limits for the recipient and could result in greater tax obligations for you, but some choices have fewer downsides. For example, highly-appreciated stock shares make an excellent charitable contribution to a tax-exempt charity. 

If you have depreciated business assets, such as office equipment, vehicles, machinery, or supplies, they can become part of your charitable giving in Conway. Smaller charities can reduce their overhead costs by giving extra life to older printers, computers, or trucks when you upgrade your company’s assets. By donating to more small groups instead of giving to a single large group, you can make a bigger impact on your community.

You should maintain records of all donations or gifts and file appropriate forms when it is time to do your taxes. Tammy can collaborate with your accountant to assess your potential tax burden and guide you through completing the paperwork. Balancing the tax pros and cons of your giving strategy helps you tailor your selections more thoughtfully.

Establishing a Legacy Through Charitable Giving and Financial Planning

If you typically make charitable gifts at the end of the calendar year, you may want to consider changing to the earlier months. This approach helps you plan donations that meet your goals, rather than having to scale them back due to budget shortfalls. 

Another way to use time to your advantage is when you are 70½ or older and can take qualified charitable distributions (QCDs) from your IRA. Those QRDs can go directly to a charity, eliminating most or all of your income tax obligations on the payment. 

If you have significant wealth, you could choose to create a charitable foundation of your own, give to a scholarship fund at a university, or make your gift part of your estate planning strategy. You could make a single bequest, which names the charity as a beneficiary in your estate, or set up an endowment that includes funds, property, stocks, and other assets, leaving directions as to how you wish the items used.

Turn to Thrive PWS for Top-Tier Guidance on Conway Charitable Giving

No matter how you move forward with your goals, Tammy Hardy can use her skills as a CERTIFIED FINANCIAL PLANNER™ to build a customized approach that meets your needs. She focuses on building a long-term relationship with each client, guiding them through legal and tax requirements, such as the South Carolina Solicitation of Charitable Funds Act and Internal Revenue Service (IRS) regulations. 

Get started when you use our online form or call (843) 438-8039 and arrange a consultation to speak with Tammy today. 

Areas Served by Thrive PWS

We work with individuals in the following areas:

• Horry County
• Georgetown County
• Cherry Grove
• Little River
• North Myrtle Beach
• Conway
• Myrtle Beach
• Surfside Beach
• Litchfield Beach
• Pawleys Island
• Georgetown