Spring, and Every Other Season, Can Inspire Your Charitable GivingPosted April 2021
Individuals make charitable gifts throughout the year. Some choose to make gifts early in the year and others later. Your reasons for giving may vary across winter, spring, summer, and fall.
Giving in the Spring
Buds on trees and new life might inspire you to support a new cause or consider a request for a larger charitable gift or in support of a new initiative. April is synonymous with taxes—and your advisor might encourage you to make gifts this year to secure income-tax deductions next year. May and June feature Mother’s Day and Father’s Day as well as graduations, all of which inspire honorary and memorial gifts.
Giving in the Summer
In July and August many travel with family. Trip preparations might include revisiting an estate plan and perhaps updating your will. This is a good time to consider including one or more charities as beneficiaries, either to create or extend a legacy of giving at cherished charities. September may feature requests from organizations as colleges are filled with students and new programs are offered in museums and many other organizations, all of which request your support.
Giving in the Fall
By the end of October there are only two months left in the year, and you may begin to review what you have achieved and what you still plan to do. In November and December many of us gather with family—and discussions may turn to what is meaningful in life. After meeting our own needs, we often focus on the needs of others. The most popular month to make gifts is December, which provides “one more chance” to support a charity. Finally, advisors remind their clients that gifts made on or before December 31 will mean additional tax deductions at tax time next year.
Giving in the Winter
Depending on where you reside, the winter months may be cold and you may spend more time indoors. This can be a good time to catch up on reading—and you may have a trove of annual reports, newsletters, and other materials from charities you have supported. When you make gifts in January, February, and March—at the beginning of a new year—you may re-qualify for membership in an annual giving society. Some individuals may defer gifts from one year to the next for tax or personal reasons. For example, you may plan to sell your business and time your gifts to charity to offset gain from the sale of the business.
We would be pleased to speak with you about ways you can plan your gifts across the seasons.
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