Leisure World News

A10 March 2022 • Community • www.lwca.com YOUR POCKETBOOK Creating a Charitable Giving Strategy Sound advice in uncertain times: call us. Ameriprise has helped clients navigate challenging economic times for over 125 years. Now as always, we’re here to inform and support you with ongoing market updates, investment recommendations and personalized advice to help keep your plans on track and your goals clear. Together, we’ll focus on what matters most to your financial life. Call us today to discuss your goals. Investment products are not federally or FDIC-insured, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value. The Compass is a trademark of Ameriprise Financial, Inc. Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and CFP (with plaque design) in the U.S. Ameriprise Financial Services, LLC. Member FINRA and SIPC. © 2021 Ameriprise Financial, Inc. All rights reserved. (08/21) Steven Rabin CFP®, CRPC®, APMA®, CDFA®, ChFC® Private Wealth Advisor and Managing Director 480.396.6040 srabin@ampf.com rabinbarkat.com CA Insurance #0G50311 AR license #6746775 161 E Rivulon Blvd, Ste 108 Gilbert, AZ 85297 Rabin, Barkat & Associates Wealth Advisors A private wealth advisory practice of Ameriprise Financial Services, LLC Joseph Barkat, CRPC®, APMA®, CDFA® Private Wealth Advisor and Managing Director 480.641.9188 jbarkat@ampf.com rabinbarkat.com CA Insurance #0E48560 AR license #7940857 By Steven M. Rabin If charitable giving is an important part of your budget, it is good to occasionally take a step back and reevaluate your giving strategy. Doing so can help ensure your money is used efficiently and effectively by the organizations you choose to support. Here are some steps to get you started: Step 1: Clarify Your Values and Preferences: Before you reach for your checkbook, ask yourself a few questions. What causes are important to you? Is there a particular demographic or group of people you would like to support? Would you prefer to give to a local, regional, national or global organization? As a donor, what do you hope to see in the organization’s leadership or structure? Doing so can help you zero in on the charities that align with your personal values – making your donation even more meaningful. Step 2: Consider Organization’s Mission: Once you have determined which organizations meet your criteria, research each charity to make sure their programs, mission and goals match your expectations. Consider meeting with an executive or local leader to hear about the charity’s strategy and their impact on the community first-hand. During the meeting, ask about the organization’s short- and long-term goals and how they measure success. You want to be sure that the charity is making progress toward achieving its goals. Step 3: Investigate Charitable Organization’s Financial Health: Look into how each donation is used and what percentage of the money goes directly to the cause. Fundraising and administrative expenses help the charity do its work, however you should be cautious about organizations with higher overhead costs. Ask the charity for a copy of their most recent annual report and Internal Revenue Service (IRS) Form 990. These forms outline the charity’s budget allocation and financial plans, and can provide you with insight into how your money is used to make the intended impact. If you want an objective perspective on a charity’s financial health, fundraising practices, day-to-day efficiency and accountability standards, look at howwatch dog groups evaluate the organization. BBB Wise Giving Alliance (www.give.org ), GuideStar (www.guidestar.org ) and Charity Navigator (www.charitynavigator.org) are several national groups that offer unbiased evaluations. Step 4: Make Giving Part of Your Financial Plan: As you figure out your donation strategy, consider meeting with a financial planner or tax advisor who can help you select the most appropriate donation method for your financial situation. These professionals can also work with you to create a strategy for ongoing contributions or to make giving part of your legacy. Keep in mind that there may be legal or tax considerations, depending on the amount and form of your donation (i.e. check, investment donation, etc.). By taking the time to thoroughly evaluate charitable organizations, you will give yourself the peace of mind that your money is being used wisely, effectively and for the purposes you intended. -Steven M. Rabin, CFP, CRPC, APMA, CDFA, ChFC, is Managing Director of Rabin, Barkat and Associates Wealth Advisors. Rabin, Barkat & Associates Wealth Advisors, a private wealth advisory practice of Ameriprise Financial Services, LLC in Gilbert, AZ. We specialize in fee-based financial planning and asset management strategies and have been in practice for a combined 42 years. Contact us at, www.rabinbarkat. com, 480-396-6040, 161 E Rivulon Blvd. Ste. 108 Gilbert, AZ 85297 or 16220 N Scottsdale Rd. Scottsdale, AZ 85254. Investment advisory products and services are made available through Ameriprise Financial Services, LLC, a registered investment adviser. Investment products are not insured by the FDIC, NCUA or any federal agency, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value. Ameriprise Financial Services, LLC. Member FINRA and SIPC. © 2021 Ameriprise Financial, Inc. All rights reserved.