At the heart of giving

Carolyn Hendrickson

As someone who genuinely enjoys building relationships, I am always curious what motivates people to give. In a study referenced in Psychology

Today, 85% of respondents said the reason they gave was simply because someone asked them. I have been asked whether the inclination to give is more likely to be grounded in family values or is it a learned behavior. The good news is that there is no firm answer; it’s likely to be a combination. And, with the advances in social media, the “asking” by nonprofits is highly visible and reaches a much broader audience than ever before.

Having grown up on a farm in Central New York, my formative years of financial giving was limited to dropping money into the collection plate on Sunday. I watched my parents’ do that as the plate was passed down the pew, and inherently knew I wanted to be part of it. I didn’t know all the ways the money would be used, but I knew some of it helped poor people in our community. Even as a child it felt good to help and be connected with something bigger than myself. Whether it was a quarter or a dollar bill I earned from babysitting, I wanted to contribute. Little did I know this was the start of what would become my life’s passion.

Throughout my childhood and emerging adulthood, I thought philanthropy was something only for the incredibly wealthy. Over the past 25 years as a development professional, I now know that philanthropy—the act of giving to help others or society—is a meaningful opportunity for everyone. I have had the good fortune to know people considered wealthy and those with very limited resources give generously. Helping others simply feels good.

Of no less importance are gifts of time—volunteering, pitching in. My father was quick to help other farmers when the need was apparent, and his caring ways still impact my actions today. Answering phones at a fundraiser, serving on a board, collecting hygiene items for families in need might speak to your heart, or knitting hats for a street outreach providing medical care. Giving your time and talent can change your life and the community around you.

Through the years, my personal philanthropy is a result of learned behavior. My former career in financial services gave me insights on tools and strategies for giving. Though knowledge of tax advantages is helpful, my career in charitable giving has helped me better recognize how much the heart is connected to giving. Listening to donors, understanding what matters to them, and helping them find a meaningful opportunity to have impact—whether it is a gift of time, money, or both—is incredibly rewarding.

There is no such thing as a too-small gift. Giving is deeply personal. It is about a relationship. One thing that the cloud of a two-year pandemic has reinforced for me is that people and relationships are what matter most in our lives. American researcher and author Brené Brown tells us “We are hard-wired to connect with others, it’s what gives purpose to our lives and without it there is suffering.”

My hope is that going forward we never forget how human connection and wellbeing are intricately tied. My wish for each and every one of you, is that you richly experience the joy of friendship and the love of others in a way that will replenish your spirit. May every gift you make come from your heart. SWM

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The Art of Giving

Iris Buczkowski

The holidays are my favorite time of year for several reasons! I find that no matter where I go people are generally happier, caring and more helpful because that is the true spirit of the season. There is simply just something magical about it. Webster Merriam defines philanthropy as the desire to promote the welfare of others, expressed especially by the generous donation of money to good causes. I think it is safe to say that most people agree it is good to help people and causes that need additional help and support, but there is no one way to do it.

In my practice I am often tasked with helping clients achieve their goal of leaving a legacy. Most times legacy planning is centered on their families, but several people have joined a continued movement to leave a legacy to help others. Charitable giving has become very popular over the past few years. What most people don’t know is that you have ways to leverage your money to make a more meaningful impact to those you wish to support. A few examples would include the following: 1.Charitable Trusts: A charitable trust allows you to place assets into trust and generate an income to you while you are alive to yourself, or to your charitable recipients with the promise for them to receive the principal in the future time of you passing. This is popular for those with the good fortune to have highly appreciated securities in their portfolio and can use them for tax planning purposes. The most common types of charitable trusts are called remainder trusts and lead trusts, with the difference being how you structure the income derived from the trust while you are alive. 2.Donor Advised Funds: Donor advised funds have become increasing popular because the are easy to administer and do not require the use of an attorney to established them. Many custodians have a donor advised fund platform that allows you to work with your financial advisor to open an account where may choose several charities you wish to support. This allows you to make charitable contributions with more flexible terms and grow the contributions you make through investing.

3.Using Life Insurance: Many people have policies they have taken with accumulated cash value they may not need or where premium payments are no longer due. You can donate life insurance to a charity and take a deduction for the gift in the present. When you pass away, the charitable entity receives the benefit. Philanthropists of any age can do this as part of their planning. For example, a healthy 40 year old person could buy a $100,000 life insurance policy with an annual premium of $1,000. The life expectancy of this person may be 45 years. If they live to be 85, the $45,000 they paid during their lifetime will give a gift of $100,000 at their passing for a gain on their investment of $55,000. This can be a very effective way to give if your goal is to make a larger, longer term impact.

A core tenant of how I live is with the belief that you cannot get ahead in life unless you give back. Money is not the only way to do this because you also have your time and talent. If you combine the three you accomplish what science says you get from philanthropy – a healthier mind and body experience because our whole being medically benefits from the psychological impact of giving back. Along with the science though is the art you can create.

You can use some or all of these strategies and if you do you will complete a beautiful masterpiece that will live far beyond you with your personal style embedded in it. That is the true art of giving back.

Iris Buczkowski is the founder and CEO of Birch Wealth Management (birchwealth.com). Birch Wealth Management is an Investment Adviser registered with the Securities and Exchange Commission. All views, expressions, and opinions included in this communication are subject to change. This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Original content provided by Iris is for educational purposes only and should not be construed as investment advice.