Whether it is year-end planning, company volunteer programs or last-minute shopping, December is one of the most hectic times of the year. But don’t let the rush of the holidays deter you from engaging with clients on one of the most important financial planning topics—charitable giving.
These conversations must walk a tightrope between helping clients realize their desires to make an impact in the world and serving their financial and tax needs. Charitable planning can help achieve this balance and deepen meaningful client relationships.
And don’t forget: It’s never too late to start the conversation.
December typically marks the month when Americans most benevolently open hearts and wallets to support the causes and issues that are most important to them. In 2020, charitable giving in the U.S. reached a record $471.44 billion, according to Giving USA Foundation, and about 30 percent of that was given in December. In 2021, the giving season has gotten off to a strong start, with an estimated 35 million adults giving an estimated $2.7 billion during Giving Tuesday, a 9 percent increase over 2020.
With worries about the Omicron variant, climate change, economic inequality and other issues tearing at the fabric of civil society, charitable giving needs to do more than ever. So, what if you could help clients double the impact of their philanthropic giving? Through smart tax planning and growing opportunities to put philanthropic dollars to work in impact investing, more advisors and their clients are finding new ways to expand the power and positive feelings generated by philanthropic giving.