While all age groups provide charitable giving of time and money, the Baby Boomer retirees will provide a surge of giving deemed as the “Longevity Bonus”. The combination of Baby Boomers entering retirement and increased longevity will shower both time and money onto many charitable endeavors for some time.
Giving both money and time to a cause often creates a better retirement experience. Combining advice from both financial planners and estate planning attorneys will help retirees understand the limits and consequences of charitable giving as it pertains to long term goals.
Some opportunities include using a charitable gift annuity, a charitable trust or setting up private foundations. These solutions are complex and will require legal, financial planning and tax assistance to set up and maintain. To explore these options in charitable planning, schedule a consultation with Stouffer Legal at 443-470-3599.