Contributing to favorite charities can be a fulfilling way for financially secure older adults to help others. There are several things you can do to help your elderly loved ones make such contributions with care and confidence while avoiding inefficient charities, tax mistakes, and duplicate payments. CharityWatch is an organization that monitors charities and publishes ratings on their website (CharityWatch.org) according to efficiency with which they use donor funds. They also provide a list of their top-rated charities, organized by the type of need they address. Access to the full CharityWatch database requires an annual contribution ($50/year as of November 2021.) Organizations seeking solicitations can sometimes call or send mail repeatedly, and some older adults can lose track of what they have contributed. Consider helping your loved one keep a log of what they have contributed so they don’t spend more than they intend. If your loved one chooses not to support a particular charity, you can request to be removed from their mailing list and call list. Contact them directly to do so. Also see our article about Reducing Unwanted Solicitation, which describes how to join Do Not Call and Do Not Mail lists. But joining such lists will not stop contact from organizations to whom you have given permission to contact you. You must contact those organizations directly. Check with your CPA or tax preparer for the latest information about the tax deductibility of charitable contributions, about your particular ability to deduct charitable contributions, about record keeping requirements, and other important information. As of November 2021, the IRS published a mini-course about deducting charitable contributions. Fraud and Scams can masquerade as charitable organizations. Read our articles about Preventing Scams and Fraud, and Preventing Identity Theft. We can help you and your loved one manage their charitable contributions by:Managing Charitable Contributions
Researching the Efficiency of Charitable Organizations
Tracking Charitable Contributions
Reducing Unwanted Solicitation
Tax Deductions for Charitable Contributions
Watch for Fraud, Scams, and Identity Theft
How Care is There can Help:
Resources for Managing Charitable Contributions
Next Steps
Need help managing charitable contributions for your loved one? Contact Care is There today for a free consultation!
Charlottesville Area: 434.326.5323
Shenandoah Valley: 540. 246.0211
Toll Free: 800.434.1633
Email: Info@CareisThere.com