THIS MOTHER’S DAY, CREDIT WOMEN FOR TEACHING THEIR FAMILIES TO GIVE
As Americans prepare to honor moms across the country on May 11 for their ongoing devotion to their families, a report from BMO Private Bank, “Teaching My Family to Give – How women can and do lead their family’s charitable involvement”, suggests that mothers should also be lauded for the leading role they play in charitable giving.
“Studies show that women often lead their family’s charitable involvement,” said Michael J. Dyer, CFP and Managing Director for BMO Private Bank in West Palm Beach. “It’s mothers who teach their families to give and to develop a strong social conscience and a commitment to actively work towards making a difference.”
According to a recent BMO Private Bank study of high-net worth women (those with at least $1 million in investible assets), an overwhelming 96 percent planned on making charitable contributions last year and 84 percent reported that they were planning on donating as much or more than they did before the 2008 recession.
The report found that today’s women (regardless of the amount of wealth they have) often take the time to discuss charitable giving with their children and grandchildren and that this “kitchen table philanthropy” provides an opportunity for family discussions on where they want to give, how much they want to give and how they want to give.
“It’s important to consider how you want to give. For example, many of our clients consider donating appreciated stock from their investment portfolios thereby avoiding capital gains tax, rather than selling the securities and donating the cash.” stated Mr. Dyer. “Similarly, there may be tax benefits to naming your favorite charity as the beneficiary of your IRA.”
The report found that perhaps one the most important things women do is engender a spirit of giving into the next generation and expose them to a variety of ways in which they can become charitably engaged.
“Our report concluded that women teach their families to give, and that’s far more than simply writing a check. They teach their children to give their time and become involved in communities,’ said Mr. Dyer.
“We actively listen to our clients’ philanthropic wishes and help recommend appropriate solutions to help them put these goals into action. We help them involve the entire family each step of the way, whether through simple hands-on approaches to giving, more structured giving vehicles like donor-advised funds or even though the establishment of a family foundation.”
For more information about BMO Private Bank, please visit: www.bmo.com/privatebank/us or call the West Palm Beach office at: 561.833.6650.