It’s that time of year again. Yes, it’s nearly Christmas! It’s a time of giving in many ways – when pensions get topped up, tax free lumpsums are paid to children / grandchildren and many people make donations to charities. But, how do the amounts compare? Is the charity element a token amount or genuinely what you could give? Are your charity donations anywhere close in monetary terms to the pension and tax free gifts? Wider society benefits and you will feel better from making areal difference. What might be a good gauge for the ‘average successful business person’ in Ireland?
Three Simple ideas:
- Give the equivalent of at least 10% of your pension contribution in a year to charity.
- How about matching or even part-matching total tax-free donations to children or grandchildren?
- Allocate a lumpsum amount to create a Donor Advised Fund, especially if you had a very good year. You can then add to it in future years?
In the same way as you avail of pensions and tax advice you migh like to look more seriously at how you can give more and give better. If so, you can contact The Philanthropy Adviser for impartial and excellent advice. Email: info@philanthropyadviser.ie