Smart Women Smart Money | Harris & Harris Wealth Management

Something that is near and dear to my heart is giving back to my community. When I was asked by my coach to describe what life looked like for me 20 years from now, I seriously thought about it from the aspect of what I want people to say and think about me when I die. I know this may be grim to think about death and dying but that is where my mind went. I want people to remember me as being an advocate for girls to have positive self-esteems, believe they can achieve their dreams, and encourage them to consider a career in finance especially since girls tend to shy away from careers that involve math and analytics.

So it was just how life works for me when I have a problem and make it known, life presents me with a solution. Sometimes it is right away and other times it may be years but I seem to always encounter the answer. Well, I wanted to offer a service specifically to women and women run organizations and businesses that want to lead with their hearts by pursing philanthropic endeavors. So my solution to them is donor advised funds.

You may be asking yourself what are donor advised funds? Well it is a cost effective way to establish charitable funds of any size and scope in order to support a charitable organization that may be near and dear to your heart. It allows you to create a family legacy of giving that can last over multiple generations. A donor advised fund can reduce legal and administrative burdens such as establishing a foundation or writing out individual checks to different organizations. Instead, you can establish a donor advised fund account and recommend how the funds will be distributed. Did I mention this can be a tax deductible donation to the donor advised fund?* Other benefits include:

· Easy to Establish

· Privacy

· Wealth Preservation

· Donor Flexibility

· Investment Management Control

· Reduced Administrative Costs

So if you are interested in creating a scholarship program for female students who attend your Alma Mata from your hometown that major in Finance, you can do so and collect tax deductible donations from the public to support your efforts. Talk about creating a legacy and paying it forward. Now this gets my heels to clicking with excitement knowing that this can start a chain reaction within families and corporations when it comes to giving back, paying it forward.

*Information presented in this post is not to be considered tax advice.  Always consult your tax advisor prior to making any tax decisions.