You’ve Decided to Donate – Now What?

You’ve Decided to Donate – Now What?

 

There are more than one and a half million nonprofits in the U.S. and ten million worldwide. From supporting education and cancer research to protecting the environment and ensuring human rights for all, the list of worthy causes is endless. No wonder the process of deciding where you want to donate can be overwhelming!

As a financial planner, I have assisted many clients with achieving financial security, determining how much they can afford to give while balancing their other goals and evaluating the most tax-efficient method for their donations. After addressing all these questions, many people still struggle with deciding on which organization to choose. One of my clients recently came to me with exactly this issue. They had been donating for years in small amounts to numerous organizations, seemingly more and more each year as they discovered new causes they wanted to support. While spreading the love felt good, they had decided to consolidate their donations to make a greater impact in a single organization and weren’t sure how to narrow their selection.

Here is my advice to them, and it goes for anyone, whether you are donating for the first time, consolidating donations, or considering making a large gift: Begin by reflecting on your motivation for giving. Is it to improve your local community? Do you want to help people in circumstances similar to your own experiences? If, at some point in your life, you benefited from someone else’s donations—for example, through a scholarship, food pantry, counseling, or healthcare services—you may want to pay it forward. Perhaps you’re an animal lover or there is a specific current event that you feel passionate about, such as disaster relief, that can help narrow down your cause.

If you’re still having trouble selecting a specific cause, ask yourself whether you would prefer to donate to an organization that will directly impact your own local community or if you would prefer to focus on larger-scale issues. If you want to see change in your own community, is there something specific that stands out to you? Does your community have a large, unhoused population? Are the schools underfunded? Do the parks need an upgrade? Would you like to see a more significant local investment in the arts? If nothing immediately stands out to you, talk with friends and neighbors, or consider contacting your elected officials or local community impact groups for information on the most critical needs in your area. If you want to peruse local organizations, many states have great resources available to help. A couple of examples are Washington’s Give Big (www.wagives.org) and the Oregon Cultural Trust (www.culturaltrust.org).

If you don’t feel strongly about keeping your funds local, CharityNavigator.com is a wonderful resource that allows you to search by cause among thousands of charities. It also includes specially curated lists of organizations covering a variety of causes and current events. If searching among thousands of organizations feels overwhelming, Givewell.org is a nonprofit that highlights a few global charities that “save or improve lives the most per dollar.”

When considering impact, the size of the charitable organization can matter along with the size of your donation. A donation to a small organization could be the difference that helps that nonprofit keep its doors open for several more years, whereas it may just be a small drop in the bucket for a larger charity. On the other hand, large organizations can benefit from economies of scale, allowing them to reduce costs and deepen their impact. If you have concerns about the size of your donation or want to amplify it, try pooling it with like-minded people through a Giving Circle. You can start your own with a group of friends who share your values or join an existing group (find one in your area at www.philanthropytogether.org).

Once you have found an organization you are interested in donating to, you may want to familiarize yourself with it beyond its web page. I suggest scheduling a meeting with the executive director or board members for a one-on-one opportunity to hear the importance of the organization firsthand; learn about their current priorities, needs, and challenges; and have your questions answered. The larger the donation, the more personalized attention you can expect to receive. During this conversation, you can also determine whether you want your donation to be restricted to a certain area of their mission, directed to the endowment for a lasting impact, or made as an unrestricted donation the nonprofit can use as needed. For large donations, you may even be able to work with the organization to create a separate fund that aligns with the charity’s overall mission but can only be used for very specific purposes, which you determine.

One of the best ways to learn about a charity is to volunteer with them. You may want to start small by assisting with an event; but if you really want to understand the intricacies of their operations, challenges, and future path, joining the board will give you considerable insight and make your donation even more fulfilling because of your personal connection. I have certainly found this to be true in my work with the Eugene Education Foundation. As the mother of a student, the wife of a principal, and a board member, I feel very connected to the mission and know that our donations are going to support a worthwhile cause.

It is also important to make sure any organization you plan to donate to is a legitimate nonprofit and that they will use your donation responsibly. You can independently review its Form 990, financials, and annual report, or you can use one of the many online tools that rate charities based on this research. A few popular sources are guidestar.org, charitynavigator.org, and charitywatch.org.

Don’t forget to consult with your financial planner about the amount you plan to donate and the most effective giving method. I enjoy supporting my clients’ generosity and empowering them to donate, but part of this process is considering the impact gifts will have on other financial goals. By discussing the various giving methods, we can often help increase tax savings, which can allow you to donate even more. For more information on charitable giving tax strategies, refer to this article. To learn more about our process for incorporating your charitable goals into your overall financial plan, read our downloadable Guide to Living Fully in Retirement.

As you research, volunteer, have meetings, and write checks, don’t forget to reflect on the enjoyment of giving. It is a privilege to be in a position to help nonprofits and positively impact others. In fact, studies have shown that philanthropy helps people achieve a greater sense of personal satisfaction and is even closely aligned with living longer. That’s something we can all feel good about!

 

 

 

 

 

Disclosure: All opinions expressed in this article are for general informational purposes and constitute the judgment of the author(s) as of the date of the report. These opinions are subject to change without notice and are not intended to provide specific advice or recommendations for any individual or on any specific security. The material has been gathered from sources believed to be reliable; however, Merriman cannot guarantee the accuracy or completeness of such information, and certain information presented here may have been condensed or summarized from its original source. Merriman does not provide tax, legal, or accounting advice, and nothing contained in these materials should be taken as such.

Merriman In The Community

Merriman In The Community

 

The Merriman Team had a great time volunteering for Pasado’s Safe Haven on May 9th. Pasado’s mission is to end animal cruelty by rehabilitating animals (health and socialization) who have been abused or neglected with the ultimate goal of finding homes for them through adoption. Our volunteers described it as a “terrific day giving back and having some fun with the animals while doing so!” For more information or to contribute to Pasado’s mission, their website has several options of how to get involved. 

The Appeal of Becoming a Snowbird

The Appeal of Becoming a Snowbird

 

Whether you live near us in the Pacific Northwest and endure month after month of gray skies and cold rain or elsewhere in the US and grow weary of snow and slush during winter, you may want to explore the idea of becoming a snowbird! Snowbirds are people who migrate to warmer areas during colder seasons in their hometowns, ideally for the entire winter season.

Once a term associated with retired, older adults who really feel the sting of a brisk winter, these days the life of a snowbird can be just as appealing to younger people, especially those with flexible career options.

 

How to Become a Snowbird This Winter

Does the term snowbird sound appealing? Have you ever considered heading south to warmer landscapes for the winter? Here are some considerations and steps to keep in mind before taking the plunge!

 

1.   Choose a Place That Suits Your Lifestyle

Do you like to golf in your downtime? Boca Raton might just be the ticket, then. Or maybe you prefer lounging on the beach—somewhere like Hawaii might suit you better.

Before deciding to migrate for the winter, you need to know what will make your winter comfortable and enjoyable. Arizona might not be for you if you don’t like dry heat. Take into account your social preferences, the activities you enjoy, and what kind of climate and humidity you prefer. Also consider if you prefer a bustling environment or someplace quieter and more low key. A care-free condo may be just the ticket, or you may prefer a secluded beach bungalow. There are plenty of options, so have fun doing your research!

 

2.   Don’t Overcommit

Putting all those snowbird eggs in one basket won’t get you very far. It’s best to have a trial period before you commit to the snowbird lifestyle or a migration spot.

Look for properties you can rent for two or three months to get a feel for the place before purchasing a property. You might end up migrating to several different areas before you make your final decision. The beauty is, the decision’s all yours!

 

3.   Establish Remote Management for Your Bills

You need to be able to manage your energy bills at home while you’re away—you can’t simply leave the mail unattended. So, before you embark on the snowbird journey, ensure you can receive your energy bills in email format. It would help if you did this for any other accounts you might owe during the winter.

 

4.   Protect Your Home

One of the drawbacks of the snowbird lifestyle is anxiety. The home you leave behind will be completely unattended and vulnerable to damage. To put your mind at ease, consider investing in a home surveillance system, comprehensive insurance coverage, and a trusted attorney. Or perhaps to arrange for a friend, neighbor, or family member to check in on your property periodically. In some areas, like California, lawyers are not allowed to represent you in small claims court, so it is best to research the local laws to protect your home.

 

5.   Pet Passports

Old Rover shouldn’t stop you from enjoying winters in the sun. Many pet owners find it too difficult to leave their pets behind for long trips, so you should get your pet passports sorted and find pet-friendly airlines to ensure you and your furry friend have a pleasant flight. If you drive to your sunny destination, don’t forget to bring along some familiar-scented items from home to reduce pet anxiety along the way.

 

6.   Expand Your Network

Though FaceTime can keep you connected to your loved ones during the winter, you’ll need more than that to keep you occupied. Check out social opportunities where you’re going; perhaps there is a community center with classes and activities, a local gym, fitness trails, or an art center. There are many apps like Meetup that can help you to connect with new people as well.

 

7.   Be Careful About Offering Open Invitations

Your loved ones may be envious of your winter staycation, and extending an open invitation is tempting. If you have too many visitors, this can draw from your relaxation time. You may find yourself spending too much time cooking, cleaning, and accommodating guests. To keep things relaxing, keep the visitors at a minimum. Alternatively, consider arranging for a few specific times when family or friends can gather collectively during the holidays or special occasions rather than opening your sunny spot to visitors every weekend.

 

8.   Contact a Financial Advisor to Make a Plan

At Merriman, we get tremendous joy out of helping you determine a realistic pathway to your dreams. So if you’re thinking of heading south for the winter to a second home or rental property where you can soak up the sun and relax (or work your job remotely) during the winter months, let’s chat about making it a reality for your family. We believe in enabling you to LIVE FULLY, and it’s never too soon to begin!

 

 

Disclosure: All opinions expressed in this article are for general informational purposes and constitute the judgment of the author(s) as of the date of the report. These opinions are subject to change without notice and are not intended to provide specific advice or recommendations for any individual or on any specific security. The material has been gathered from sources believed to be reliable, however Merriman cannot guarantee the accuracy or completeness of such information, and certain information presented here may have been condensed or summarized from its original source.  Merriman does not provide tax, legal or accounting advice, and nothing contained in these materials should be taken as such.

Making Your Dream of Long-term Travel a Reality

Making Your Dream of Long-term Travel a Reality

 

When I was a kid, my parents took us on a five-week trip to Europe and it completely changed my view of the world and traveling. Up until then, I had thought that people didn’t travel before retirement or didn’t travel with kids because they couldn’t walk away from their everyday activities and responsibilities. That experience helped me see that it is possible to get out there and go on your dream vacation before age 65 with some intentional planning.

 

Now, I love having the chance to help others plan and encourage them to travel and take their dream vacations. It’s so rewarding to watch others live out their dreams of bike touring the Pacific Coast from Canada to Mexico, traveling the country in their Tofino van, and backpacking through Europe after missing the chance to do so in college.

 

With fall in full swing, many families are finding their kids back at school, and some families are experiencing an empty nest for the first time in 18 years or more. If that’s the moment you’ve been waiting for to finally take that trip you’ve been dreaming about, there might still be some items you’re unsure of or haven’t yet thought about.

 

Let’s say your job offers an unpaid sabbatical, but you’re not sure if taking a few months off is going to push back your retirement timeline substantially. You know you need to make your travel plans and determine your trip route, but you’re not sure what else you need to consider.

 

As financial advisors, we help provide clarity around these unknowns. We can certainly answer your questions about how your trip might impact your retirement timeline so you’re comfortable making the decision to take time away now that you finally can! In helping answer what else you should be keeping in mind, we’ve compiled a list of some important planning items for long-term trips:

 

Financials. Consider setting all your bills to autopay if you haven’t already done so. You can also set up automatic transfers for any bank or retirement accounts that you add funds to on a regular basis. Be sure to notify your financial advisor that you’ll be gone, especially if you might be unreachable for some period of time. It’s also important to notify your bank if you’re traveling so that they don’t flag your purchases as fraudulent and deny your purchases in other countries or states.

 

Documents. Organize your important documents and know where they are in case you need to direct someone to access them. Consider making copies of your passports, medical cards, and other documents you may need to access while traveling in case you misplace any actual documents. If you don’t already have Wills, Powers of Attorney, or Health Care Directives in place, we’d highly recommend creating those estate planning documents in case something happens while you’re traveling.

 

Home. Consider having someone check on your home while you’re away. You can leave them instructions for caring for your home such as watering the plants, checking that appliances are working properly, and starting up your sedentary cars every so often. Consider setting up automatic timers for lights in your home and an alarm system for security purposes if someone won’t be at your home regularly while you’re away. You can have your mail forwarded or held by the post office while you’re away as well if that’s needed. Also consider turning on auto-replies for email and tailoring your voicemail to let others know if your usual response timing may change.

 

Pets. If you have pets and aren’t planning on taking them with you, you’ll need to find someone to care for them while you’re away. Whether that’s family, a pet sitter through a platform like Rover, or a boarding company, it’s great to leave them with detailed instructions about your pet’s food, routine, and behavior.

 

Health Care. Not all medical insurance plans offer coverage outside of your home state or country. If your coverage doesn’t extend to where you’re traveling, consider putting travel medical insurance in place in case something happens. If you have any regular prescription medications, you’ll also need to work with your pharmacist to be sure you have a plan for refilling your prescriptions.

 

Travel Insurance. Travel insurance can help provide emergency medical coverage as well as coverage for cancelations, delays, and/or accidents while you’re traveling. Consider working with an agent to determine what the right coverage is for your travel plans.

 

Contingency Plan. In case something goes awry, it’s important to have a contingency plan in place. Be sure you have an emergency contact back home and have equipped them properly for anything that could come up while you’re away. For example, be sure they know who’s watching your pets or caring for your home. Consider creating a “just-in-case” bag with additional items you might need sent to you should plans change.

 

 

Conversations about planning for dream vacations is one of the best parts of my job. I’m grateful to be able to work with people to help uncover their dreams and figure out a plan to make them happen now—not only in retirement. If you’ve got ideas about what’s important for you and your future, let’s connect! I’d love to help you get there!

 

 

 

 

Disclosure: All opinions expressed in this article are for general informational purposes and constitute the judgment of the author(s) as of the date of the report. These opinions are subject to change without notice and are not intended to provide specific advice or recommendations for any individual or on any specific security. The material has been gathered from sources believed to be reliable, however Merriman cannot guarantee the accuracy or completeness of such information, and certain information presented here may have been condensed or summarized from its original source.  Merriman does not provide tax, legal or accounting advice, and nothing contained in these materials should be taken as such.

Employee Spotlight | Washington Trail Association Volunteering

Employee Spotlight | Washington Trail Association Volunteering

 

At Merriman we love giving back to our communities, whether that be in charitable donation matching dollars or using our individual allotment of volunteer hours. And in some instances, it also allows a group of us to enjoy a volunteer experience together.

In a recent review meeting, Wealth Advisor Mike Ersser, learned that a client of ours volunteers with the Washington Trail Association (WTA). Discussing their mutual enjoyment of spending time outdoors here in the Pacific Northwest prompted an idea – why don’t I organize a Merriman group to volunteer! 

A large part of our team enjoys spending time in our gorgeous parks and trails in the area and what sometimes gets forgotten is the need for trail maintenance and support. So, a workgroup was created, and they hit the trails last week at Sharpe Park in Anacortes, Washington.

They had a fun and active day starting a rock turnpike, performing duff and trail clearing, and making some new friends and memories in their work party.

If you’re interested in getting involved with the Washington Trail Association, more information can be found here.

Happy New Year!

Happy New Year!

 

After a difficult 2020, many looked toward the new year through an optimistic lens. 2021 kept us all on our toes, with the continued pandemic and new strains, along with a turbulent market and rising inflation to name a few things.


While we don’t yet know what 2022 will bring for the economy, for markets, or for our own lives, there are still some things we can control.

 

As we welcome in a new year with hopeful expectations, let’s take a moment to recommit to those factors within our control:

 

Planning for Our Future

As we reflect on continued challenges this year, many are wondering what they can do to set themselves and their loved ones up for financial success. From getting creative with financial literacy for your little ones, to avoiding common pitfalls at early and mid-career points, to preparing for retirement and taking care of future generations, we see and help with it all. While we can’t predict what the future will hold, we can help you plan, prepare, and hold your hand through the transitions of life.

 

Building Better Financial Behaviors

Too often investors focus on markets and the latest fads when they should focus on themselves, their hopes, goals, and dreams. When we see the media focus on a trend, like we did with NFTs, cryptocurrencies, and inflation this year, it’s an important reminder to not be swayed from your investment philosophy. With the right amount of guidance and discipline, diversification can be the key to long-lasting financial freedom. 

 

May you and your family enjoy the warmth this season has to offer and a new year filled with hope, love and success!

 

 

 

 

 

 

Disclosure: The material is presented solely for information purposes and has been gathered from sources believed to be reliable, however Merriman cannot guarantee the accuracy or completeness of such information, and certain information presented here may have been condensed or summarized from its original source. Merriman does not provide tax, legal or accounting advice, and nothing contained in these materials should be relied upon as such.