We publish semi-annual newsletters for our clients and periodically ask them to share
their passions with others. One of our guest contributors and his wife are retired and
have set an example for all of us with their personal involvement in charitable
organizations and their generous gifts to charities. I asked him to share his thoughts in
one of our newsletters. Two themes emerged. The first expressed his concern that
people don’t give as much as they can. He wrote:
“I have a feeling that many people have not learned the joy of giving. They walk by the
Salvation Army bell ringers. They turn away the Girl Scouts who are selling cookies.
They ignore the Goodfellows selling newspapers for underprivileged Christmas baskets.
It is a way of life. There are many reasons or a combination of reasons for this. It could
be a lack of funds, or ‘I worked hard for my money, let them do the same.’ It could be
due to a fear of the future, or maybe they are just plain tight.”
The second theme involved the need to do some estate planning and focus on giving
while you are still alive. He went on to say:
“Through hard work and good planning, many individuals have built a sizeable nest egg
and are very comfortable financially. The question is; how do they design their estate
planning? To whom will they leave their assets? Will they leave them for their children,
grandchildren or an educational institution? Should they start a foundation or give their
assets to a charitable organization. Perhaps it should be a combination of the above.
Most people plan for the distribution of their assets to take place after they are
deceased. Thought should be given to distributing part of your funds while you are still
alive. Through planning, you can see your funds at work while you are alive, as
opposed to distributing your funds after you are deceased. This way, you can see the
benefits and joy it brings to the recipient. You can monitor and observe how it helps an
individual or group of people. Most importantly, it will bring satisfaction and contentment
to you, the donor.”
We focus many of our articles on how you can grow your assets, how to maximize
returns and
minimize taxes. At this holiday time, let’s pause a minute and devote some time to
sharing our success, whether it be large or small, with someone else who is in need and
well deserving. Even if your own resources are modest, you can still contribute your time
to help others in need.
Before you give, it may prove helpful to ensure that you get the maximum benefit from
your monetary gifts. You can check out a charitable organization before giving to
ensure that the organizations’ administrative expenses are minimal. Three internet web
sites are available to help you sort out the good charities from the bad. They are: www.
guidestar.org, www.give.org and www.charitynavigator.org.
The bottom line: take a timeout from your daily checking of the stock market returns.
Use the time to research your favorite charity and make a gift that will have some
impact. Using some of your savings may have a slight impact on your portfolio’s annual
return but the good feelings and satisfaction you’ll receive from knowing you’ve helped
make a difference to someone in need will be worth much more to you in the long run.
David C. Patterson, CFP® and Erin Patterson, CFP® are the owners of Patterson Advisors, LLC, a fee-
for-service-only financial advisory firm. Patterson Advisors, LLC is a Registered Investment Advisor,
registered with the State of Michigan, helping clients in Waterford, Clarkston and Royal Oak, Michigan
as well as other Oakland County, Michigan communities . Visit www.pattersonadvisorsllc.com for more
information or call 248-674-2108.
Published in the Oakland Insider, December, 2007, Re-titled: Embrace the Joy of Giving
to the Needy
Embrace the Joy of Giving to the Needy
By David and Erin Patterson