Our calendars give us all kinds of interesting days to celebrate.
During Night of the Radishes in Oaxaca, Mexico, people gather to admire elaborate carvings made from this humble root vegetable. If you’re more of a beverage person, Don’t Cry Over Spilled Milk Day might be more your speed. Then there’s Work Like a Dog Day, followed just 10 days later by Relaxation Day.
So many days, so little time. Ironic, isn’t it?
But there’s one lesser-known celebration that deserves a spot on your calendar too: National Philanthropy Day. Celebrated this year on Sunday, November 15, it recognizes the difference charitable giving, volunteering and community involvement make in our lives and communities.
FUN FACT: The word philanthropy comes from a Greek term meaning “love of humankind.”
You’re a philanthropist. Yes, you!
When you hear the word philanthropist, do you picture someone donating millions to charity?
A philanthropist is anyone who gives time, money, knowledge, skills or talent to help make the world a better place. You don’t need a seven-figure bank account or a name on a building to make a difference. You just need a cause you care about and a willingness to help.
And while generosity comes in many forms, thoughtful planning can help you make the most of the financial resources you have to give.
6 Ways Your Philanthropy Can Go Further (and Potentially Reduce Your Taxes Too)
You don’t have to reinvent the way you give to make a bigger impact. Sometimes, it’s simply a matter of choosing a giving strategy that aligns with your financial situation, charitable goals and plans for the future.
Here are six strategies worth exploring.
Include a gift in your will or trust
When you want to support a cause you care about while providing for the people in your life, a charitable gift in your will or trust can help you do both.
You might leave a specific dollar amount, securities, real estate or a percentage of your estate to a qualified charitable organization. You can generally update your plans as life changes as long as you follow the applicable legal requirements.
A gift in your will or trust allows you to create a lasting legacy without necessarily giving away assets during your lifetime. Depending on the arrangement, it may also offer estate or tax benefits.
Name a charity as a beneficiary
One relatively simple way to make a future gift is to name a qualified charity as a beneficiary of an eligible retirement account, life insurance policy or certain bank or investment accounts.
In many cases, all it takes is completing a beneficiary designation form through your financial institution or plan provider. Be sure to review your choices periodically and coordinate them with your will or trust.
You can also explore naming a charitable organization or donor-advised fund sponsoring organization as a beneficiary where permitted.
Consider donating retirement assets
Retirement accounts can be an important part of your legacy plan, and they may offer a tax-efficient way to support charity.
When retirement assets pass to individual beneficiaries, withdrawals may be subject to income tax. A qualified charity generally doesn’t pay income tax on retirement-account distributions it receives. That can make retirement assets worth considering for charitable gifts, particularly when you want to leave other types of assets to family members.
The best approach depends on your account, beneficiaries and estate plan. Talk with your financial and tax advisors before making changes.
Give a gift and receive income in return
What if you could support a favorite charity and receive payments in return? A charitable gift annuity (CGA) may make that possible.
With a CGA, you transfer assets to a qualified charitable organization in exchange for its promise to make fixed payments to you or another designated annuitant, typically for life. After the annuity payments end, the charity retains the remaining funds for its mission.
Depending on your circumstances, a CGA may provide a charitable income tax deduction and other potential tax benefits. If you donate appreciated assets, some capital gain may be recognized over time, so the tax treatment isn’t the same for everyone.
DID YOU KNOW? If you’re 70½ or older, for 2026, you may be able to use up to $55,000 from your IRA to fund a CGA through a special one-time election. There are specific rules about who qualifies and how the payments work, so check with your tax advisor or Alia Wealth Partners to see if this strategy might be right for you.
Donate interests in a privately held business
If you own a business, charitable giving may be part of your broader financial and succession plan.
Depending on the structure of your business, you may be able to donate eligible interests in a C corporation, limited partnership or limited liability company to a qualified charity. In some circumstances, donating appreciated interests before a sale may help avoid capital gains tax that could arise if you sold the interests first and donated the proceeds.
These gifts can be complex. Business agreements, transfer restrictions, valuation requirements and tax rules all matter, so consult your financial, tax and legal advisors well before a potential sale.
Establish a donor-advised fund
Looking for a simpler way to organize your charitable giving over time? A donor-advised fund (DAF) may be worth considering.
A DAF is an account administered by a sponsoring charitable organization. You contribute assets to the fund, may qualify for a charitable tax deduction when the contribution is made, and then recommend grants to eligible charities over time.
Potential advantages include simplified recordkeeping, flexibility in planning your gifts and the ability to contribute certain appreciated assets. The tax treatment depends on the gift, your circumstances and applicable rules.
DAFs can often be funded with cash and publicly traded securities, and some sponsoring organizations accept other types of assets. Acceptance policies and fees vary.
Make Giving Part of Your Financial Plan
Philanthropy is about more than writing a check. It’s about putting your resources behind the people, causes and communities that matter to you.
At Alia Wealth Partners, we help clients connect their financial goals with what they want their wealth to accomplish, including the legacy they wish to leave. Whether you’re exploring your first planned gift or refining an established charitable strategy, we can help you understand your options and work with your other professional advisors to develop a plan that fits.
Ready to make your giving more intentional? Contact Alia Wealth Partners to start a conversation about building philanthropy into your financial plan.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.
The economic forecasts set forth in this material may not develop as predicted and there can be no guarantee that strategies promoted will be successful.
Government bonds and Treasury bills are guaranteed by the US government as to the timely payment of principal and interest and, if held to maturity, offer a fixed rate of return and fixed principal value.
There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.
The fast price swings in commodities will result in significant volatility in an investor’s holdings. Commodities include increased risks, such as political, economic, and currency instability, and may not be suitable for all investors.
Disclosure: Content in this material is for educational and informational purposes only and is not intended as ERISA, tax, legal or investment advice. All investments involves risk including loss of principal. No strategy assures success or protects against loss.
The content provided herein is based on our interpretation of the One Big Beautiful Bill Act and is not intended to be legal advice or provide a tax opinion. This document is a summary only and not meant to represent all provisions within the One Big Beautiful Bill Act.
This information is not intended to be a substitute for individualized legal advice. Please consult your legal advisor regarding your specific situation.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly. All investing involves risk including loss of principal. No strategy assures success or protects against loss.
This information is for educational purposes only and is not intended as tax or legal advice. Consult your tax and legal advisors regarding philanthropic and charitable giving strategies.
