How To Be a Successful Philanthropist
Avoiding the Legal Pitfalls
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How To Be a Successful Philanthropist By: Bruce R. Hopkins You want to be a philanthropist. You have the money. You have the drive. You have a cause in mind. What more could there be to it than that? Giving money away is easy, right? Anyone who has done any large amount of charitable giving knows how naïve, and potentially economically disastrous, that mindset really is. The laws and IRS rulings that regulate charitable giving can, and do, fill volumes. If a budding philanthropist isn’t careful, he or she can wind up paying as much (or more) in penalties and legal fees as they did to their charity of choice. Just think how much good that money could have done if it were applied correctly. Should you give to an established charity or start one of your own? What’s the difference between a public charity, a foundation, and a donor-advised fund? Can you work for your own charity and earn a paycheck? Can your kids? Bruce R. Hopkins has the answers to all of these questions, plus several dozen more that you didn’t even know to ask.
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