Senior Citizen's Guide to Cleveland 2017 Summer/Fall Edition - page 22

Baby Boomers – who are we? It
would take much more than a few
words to define us. We do know
that Baby Boomers as a group are
generous people.Americans over 65
are more likely to donate than any
other age group, and on average,
more than double what adults 25 –
34 give, says a new Merrill Lynch
study. Whether donating money
or time, it is safe to say that Baby
Boomers are looking for ways to
make our world a better place.
Interestingly, happiness is anoth-
er benefit to philanthropy. Seventy
percent of us linked generosity with
happiness and well-being compared
with those who did not volunteer or
donate. Those who gave said they
were both happier and healthier than
those who did not contribute.
A popular way for Baby Boom-
ers to give is to establish a Donor
Advised Fund.You can create a fund
at certain charitable organizations
(including the Jewish Federation of
Cleveland) or financial institutions
in which you, as the donor advisor,
retain privileges to make charitable
grant recommendations to the chari-
ties of your choice at the time of
your choice. Donor advised funds
may be established with cash, secu-
rities or other property. Donations
to the fund are tax deductible and,
at any time, you may make a grant
recommendation to a recognized
501(c) (3) public charity.As always,
it is important to consult your tax
or financial advisor before making
decisions about whether a donor ad-
vised fund is a good option for you.
How do we communicate our
values to children and grandchil-
dren? The donor advised fund can
help start this discussion. Use the
fund to include all the generations
in the charitable discussion, demon-
strating to themyour personal values
and the importance of philanthropy.
Youmay ask children to recommend
grants of a certain amount each
year, or gather at holiday dinners to
make philanthropic choices together.
Either way, the fund is a wonderful
catalyst for family philanthropy.
A donor advised fund provides
many benefits, including efficiency,
convenience and community im-
pact. Ultimately, donor advised
fund participation will affirm and
reflect our commitment to charity
and improving the world for our
children and grandchildren.
Article provided by
Carol F. Wolf CFRE,
Managing Director,
Planned Giving and
Endowments at the
Jewish Federation of
Donor Advised Funds
An Appealing Opportunity for Baby Boomers
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