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Step 1
Research different types of giveaway options. You may find out ways to contribute that you didn't realize. Real estate, life insurance, stock and endowments are but a few.
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Step 2
Understand how to give. If you own property that is fully paid off and has appreciated in value, you can donate it as an outright gift. If you have a life insurance policy that you no longer need, you can contribute it to your cause of choice. Or you can buy a new policy and name someone as the beneficiary, making for a significant future gift, particularly with younger donors. If you own stock that has gone up in value, you can donate it, avoiding the capital gains tax on the appreciation. Endowments guarantee a perpetual flow of money.
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Step 3
Be aware of the personal benefits of giving. You can often deduct the market value of your gift, avoid all capital gains taxes and remove that asset from your taxable estate. For something like life insurance, you'll receive an income tax deduction equal to the lesser of the cash value of the policy or the total premiums paid. With stock, your income-tax deduction is based on the appreciated stock's full fair market value when you donate the stock. All charitable donations are tax deductible.
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Step 4
Benefit from the intangible results of donating, such as personal fulfillment and realizing the benefit you've created for others.
