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Pass This Quiz

Donors tell me over and over again that making a significant charitable gift is one of the happiest experiences of their lives. Is that the kind of satisfaction you want to experience? Here is a short quiz that might help you. Hint: If you answer all of them correctly, you will be happy.

I give to [name of charity] because its mission and purpose are very important to me.

True                      False

Satisfaction is tied to the cause you believe in and value. Before making an important gift, make certain it rests in your heart first because the charity will accomplish the work. Then plan your gift to fit the charity’s mission.

This gift does nothing to jeopardize my personal freedom and financial security.

True                                  False

Believe it or not, there are some who actually give more to some charities than they can afford. Making a sacrificial gift does not mean one needs to become dependent on others for financial support. You should never suffer from donor’s remorse.

I am giving the right asset.

True                      False

For many people this means writing a check. Often, however, giving securities, real property, or even a collection makes more financial sense. Life insurance, amounts in an IRA or other retirement account, might be most prudent. Look at each of your assets and not just income before giving.

I am giving in the right way.

True                      False

The best gifts aren’t always made immediately. For personal reasons, a gift using a trust, annuity, or will that allows more flexibility for one’s future needs can be more advantageous and practical.

Tax consequences matter and I know what they are.

True                      False

There is nothing wrong with being motivated by tax-wise giving strategies. When we thing about the tax benefits of giving, it often means that we can give more than we thought possible. Goals that seemed out of reach are within reason. Timing certain gifts, as well as giving assets that have a long-term capital gain, is often best.

I have a competent advisor who is in on my plans.

True                      False

Important gifts need legal and financial advice. Such gifts need the proper documentation and review by a professional to make sure nothing unintended happens. A CPA or estate-planning attorney can assure this.

I have talked with representatives at my favorite charity about my gift.

True                      False

Gift planning professionals help people like you consider the plusses and minuses for all methods of giving, and using all types of assets. In fact, a gift planning officer can make sure you get an “A” on this quiz.

For more information on planned giving, feel free to contact me at 614-338-2365 or jjacobs@tcjf.org.

Article appears as originally published in the Ohio Jewish Chronicle Thursday, September 28, 2017.

Jackie Jacobs is the Chief Executive Officer of the Columbus Jewish Foundation, the Central Ohio Jewish community’s planned giving and endowment headquarters.

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