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Jimmy Lustig Five Ways To Give To Charity

Five Ways to Gift your Assets to a Charity

On January 23, 2019

There are many ways you can choose to give back to charitable causes, whether it’s donating money directly or volunteering your time. If you want to make a more significant contribution, you may consider the five following ways to gift your assets to a charity of your choice.

Charitable gift annuity

A charitable gift annuity is when you make a sizable gift to a charity. This gift makes you eligible for a partial tax deduction, and you receive a fixed income stream from the charity for the rest of your life. The money you give is set aside in a reserve account and invested. After you pass away, the charity receives the remainder of the money. Charitable gift annuities can be set up by individuals or couples. The minimum amount of money required for this type of giving is usually $5,000, but are often much larger than that.

Donor-advised funds

A donor-advised fund is an account set up through a charitable organization. Donors make a charitable deduction and receive an immediate tax deduction from the gift. You can continue to contribute personal assets to the fund, where the money will be invested and grow tax-free until you’re able to make a grant to a qualified charity. Donors are able to give to the fund as frequently as they’d like and recommend grants when they make sense.

Retained real estate

In this type of giving, the donor gifts a residence, farm or another kind of property to a charitable organization. The donor retains the right to live on the property for a designated period or throughout your life, with the property going to the charity at the end of the term, or after the death of the last person with a retained interest in the property.

Family foundation

A family foundation is a private wealth fund established for charitable reasons. Often, the donor has full control over grantmaking and passes that authority to a relative or other trusted party after their death. Starting a family foundation is not practical for smaller donors. Family foundations require significant administrative overhead and have large establishment costs up front.

Charitable remainder trust

A charitable remainder trust is a tax-exempt trust that pays a stream of income to the grantor or other non-charitable entity for a designated amount of time. The remaining value is then paid to a charity at the end of a period of time. The trustee takes on the administrative burden, meaning they’re responsible for preparing and filing tax returns, tracking the categories of income and calculating the annual payout. The grantor typically receives an income tax deduction that is equal to the value of the remainder interest in the trust.

Jimmy Lustig Five Charitable Celebrities

Five of the Most Charitable Celebrities

By Jimmy Lustig

On December 27, 2018

In Blog, Jimmy Lustig, Philanthropy

Celebrities all around the world are dedicated to philanthropy. Many have started their own foundations that aim to tackle a specific area of need for the world. These five celebrities are only some of the many who are doing their part to make the world better for everyone.

Leonardo DiCaprio
Since 1998, DiCaprio has raised at least $61 million for over 65 conservation, bio-diversity and climate-change programs. He has also donated around $3.2 of his own money to charitable causes. He founded the Leonardo DiCaprio Foundation, which is dedicated to helping protect the Earth and vulnerable wildlife.

Oprah
Oprah has used her platform to raise hundreds of millions of dollars for charitable causes. After Hurricane Katrina devasted the Gulf coast, she donated $10 million to relief efforts. She helped to lobby for the National Child Protection Act, known as the Oprah Bill, that created a database of convicted child abusers. In 2007 alone, she spent $50.2 million on health care, education, and advocacy for women and children. She also founded the Oprah Winfrey Leadership Academy for Girls, which serves underprivileged girls in grades 8 to 12 living in nine provinces across South Africa.

Elton John
In 2016, Elton John reached the top of the Sunday Times Giving List for donating around $38 million to different charities. The majority of his donations go to organizations that are helping to fight HIV/Aids. He also started the Elton John AIDS Foundation, which for 24 years has helped those at risk of or living with HIV by providing them with access to medication so that they can live normal lives.

Michael Jordan
A basketball legend, Jordan is also a legend in terms of charitable giving. In 2016, he pledged $2 million to help build trust between law enforcement officers and communities of color around the country. The donation was divided between the International Association of Chiefs of Police’s Institute for Community-Police Relations and the NAACP Legal Defense and Educational Fund. He has also donated to over 20 charities in Chicago aimed to help needed children and given $5 million to the National Museum of African American History and Culture.

Dolly Parton
Dolly Parton founded the Dollywood Foundation in 1988 to offer scholarships to high school students. It then grew into the Imagination Library, started in 1995, that gives children free books each month up until the age of five. Every month, this foundation serves around 1 million children and donated its 100 millionth book in March of this year. After wildfires came through Tennessee in 2016, the Foundation grew again into the My People Fund, which donated $1,000 a month to every family that lost their home in the fire.

Jimmy Lustig Philanthropy Makes You Happier

Does Philanthropy Make You Happier?

By Jimmy Lustig

On December 3, 2018

In Blog, Jimmy Lustig, Philanthropy

When you participate in philanthropy, you’re helping to make the world a little bit better for someone else. But does giving help make your world a bit better as well? Researchers have found that when we give to charity, our brain reacts similarly as it does when we eat chocolate, proving that doing good for others is also good for us. Here are four ways to maximize your happiness when giving back.

Give to specific projects
When organizations that are framed tangibly, you give three times as much and feel happier doing so. Same goes for projects, where you give two times as much. When it’s clear where your money is going in an organization and is helping real people, it helps you to feel that you’re making a real difference. It helps to fight that feeling of “am I even making a difference” that sometimes surrounds donations. Choose a specific project or organization that is focusing on an area you are passionate about.

Give more often in smaller amounts
Giving a lot of money to an organization one time has less of an effect on your happiness than giving smaller amounts of money more often. Spreading out your donations across multiple charities will help you to feel happier and as though you are making an impact in many different areas. A giving circle may be a good idea as it allows you to give regularly and choose who you support. Throughout the year, you can also stay conscious of any good opportunities and donate when they arise.

Give without strings
A lot of companies make promises to donate a certain portion of proceeds when you make a purchase or reward you in exchange for donating money. Giving in these circumstances limits the happiness you receive from a donation. It takes you out of the “how can I help others” mindset and puts you in the “how can I make the most out of my money” mindset. To maximize your happiness, choose to give to organizations when you’re not getting anything in return.

Give when you know who you’re helping
Putting a name and a face to a donation makes your impact seem more real, which helps make you happier. Seeing a name and a face also makes you give 60 percent more than you would without it. Child sponsorship programs are an excellent choice for you to see exactly who you’re helping and how. Other charities will share individual stories from people helped, even though donations are used to support more than one person.

Jimmy Lustig Nonprofit Spotlight Wiesenthal Center

Nonprofit Spotlight: The Simon Wiesenthal Museum of Tolerance

By Jimmy Lustig

On November 13, 2018

In Blog, Jimmy Lustig, Philanthropy

The Museum of Tolerance (MOT) opened in Los Angeles in 1993. Beyond an institution devoted to the preservation of objects, artifacts, and documents, the MOT is designed to be an experience that immerses the audience in the knowledge of tolerance and what it means, a Museum that encourages individuals of all backgrounds to examine their assumptions and value systems and to engage in a dialogue that facilitates growth and change.

The creation of the Museum of Tolerance

The Simon Wiesenthal Center, a respected and internationally renowned Jewish human rights organization, named to honor the late Simon Wiesenthal, a famous Nazi hunter, began to plan for The Museum of Tolerance with input from the representatives of the world’s most influential and prestigious museums and cultural institutions.

These think tank sessions proposed a fresh perspective, a Museum that would provide a unique experience to the museum-goer by encouraging thought and conversation, molding attitudes, and offering information on the arena of tolerance and human understanding.

Simon Wiesenthal believed that the idea of preserving the past was imperative, yet, as necessary as that honoring and recording is, it must motivate and inspire us to take action in the present. The Museum of Tolerance should serve to prevent hatred and genocide from occurring to any group, both in contemporary times and in the future.

And the winner is tolerance!

The MOT has been honored as the recipient of the Global Peace and Tolerance Award from the Friends of the United Nations. This accolade has underscored The Museum of Tolerance’s role as a human rights laboratory and educational center which turns on the fulcrum of inviting guests to understand the Holocaust in its historical context and as viewed through the lens of today.

Holocaust education is vitally important because studies had shown that when the MOT was being planned, young people, even as early as the 1980s, were debating if the Holocaust had occurred. This added to the imperative for MOT to present the phenomena of the Holocaust in a way that encouraged the audience to explore, expose and to energize a dialogue that began with one expression of prejudice and genocide and then to extrapolate ideas of tolerance from the lessons learned. To start the work of confronting and uprooting all forms of discrimination is the role that the MOT hopes to instill in viewers.

Giving Tips for the Holiday Season

By Jimmy Lustig

On November 9, 2018

In Blog, Jimmy Lustig, Philanthropy

Every year around this time, we start to get bombarded with emails and TV commercials about the newest toys and the best deals on the latest electronics. The holiday season revolves around gifts, both giving and receiving. While it’s a fun way to show your appreciation to those you care about, there is a lot that gets lost. There are millions of people in need who won’t receive any gifts. This year, start a new holiday tradition with your family and give back to someone who needs it.

Donate to a toy drive

Donating to a toy drive during the holiday season gives you the direct opportunity to put a smile on a child’s face. The children who benefit from toy drives are children who often would not receive any presents otherwise. While material items aren’t everything, it helps a child to feel as though they fit in with the rest of their peers.

Volunteer at a soup kitchen

50 million Americans don’t know where their next meal is coming from. Around the holidays, which largely center on food, that can feel even grimmer. Soup kitchens feed thousands of people and are mainly volunteer based. Set aside some time this year to visit one in your community and serve a meal to those in need. If you have a family, bring everyone along. It serves as both a great bonding event and also a reminder to be grateful for how fortunate you are.

Walk or run in a charitable race

Not only is exercise good for your health, but your exercise can also benefit the health of many others. Around the holiday season, many races, marathons and walks benefit different charities. By signing up to participate and helping to raise money, you’re directly benefiting the supported cause.

Foster an animal

Just as there are millions of homeless Americans, there are millions of homeless animals too. This year, take one in, even only temporarily. Many workers and volunteers spend less time at animal shelters around the holidays to be with their families, which means animals receive less care and attention. Fostering an animal helps to reduce overcrowding in shelters, which means they can take in other animals. It also helps them to become familiar with living in a home with other people, which they may never have before. Even if you don’t adopt the animal, you still helped to make a difference in the animal’s life.

Jimmy Lustig Love Of Philanthropy Children

How to Foster a Love of Philanthropy in Children

By Jimmy Lustig

On November 6, 2018

In Blog, Jimmy Lustig, Philanthropy

If you’ve made a commitment to living a philanthropic life, it’s important to instill those same values into your children and other children in your family. Some research studies show that children already have a deep-seeded instinct to share and help others. Because children have a natural inclination to give, getting them involved with philanthropy early on is the perfect opportunity to further build upon those instincts.

Be a role model

Children naturally look up to their parents and other adults in their life. Research supports that children are more likely to be generous when at least one parent displays that behavior to them. In addition to letting your children learn by example, it’s also important to have conversations with them about giving. One study found that teenagers were 18 percent more likely to donate money to a charity if a parent had also made one in the past year. If the parent had talked with their child about giving, while also donating, the child was 33 percent more likely to give.

Help them understand the need

Children need to understand that their help is required to feel compelled to help. Teach your children to be empathetic to others’ situations. Help them make a connection with those in need. Volunteer at a homeless shelter and let your children talk to the people staying at the shelter. This helps your children to make a real connection with the people they’re helping, which inspires them to give.

Help them see their impact

Research supports the theory that adults feel more generous with their giving when they see the effect that it has on others. It makes sense that the same feeling would occur in children. However, monetary donations are harder for children to understand and see the direct impact of. For younger children, finding more direct ways to get involved will help them feel more connected with giving. Take them to the grocery store to pick out a few healthy items and then go and drop those off at the food bank.

When children get older, you can volunteer at a nursing home together or participate in a park cleanup. This will help your children to form strong connections with the people they’re helping, which will encourage them to keep helping. Once your children can understand the concept of money, let them read the thank you letters you get from donating and help them learn where that money is going and why you feel compelled to give.

Encouraging children to be generous and caring will, in turn, help them to grow up to be kind and compassionate adults. Instilling a love of generosity early on will encourage them to be philanthropic citizens for the rest of their lives.

Jimmy Lustig Maximize Philanthropic Impact

How to Maximize your Philanthropic Impact

By Jimmy Lustig

On October 22, 2018

In Blog, Jimmy Lustig, Philanthropy

Being philanthropic means that a person has to be engaged in activities that geared towards changing the society or the local community for better. A large number of people perform philanthropic activities, only they do not know how they can maximize the impact of their actions. Here are some essential tips about how charitable activities can be implemented to have the most impact on the community.

Conduct Extensive Research

Before donating, individuals should research how charitable organizations will use their money. It is crucial to commit money to non-profit organizations that employ more than 70 percent of the money they receive for direct social change, rather than those that use a large percentage of funds to cover overhead costs. Luckily, several tools can assist in finding the best charitable organizations such as Charity Navigator and GuideStar.

Explore Crowdfunding

Technology can help a person to create awareness, hence maximizing their philanthropic activities. For example, a person can choose to go on online platforms and look for a charity that they want to contribute in such as drilling water wells in Africa. After donating, one can share the cause through social platforms which may encourage other individuals to give as well. One person can’t make a significant difference on their own, but a large group of people can donate enough money to have an impact.

Ask About Corporate Matching

Another emerging opportunity that charitable individuals can adopt is using the corporate matching strategy. A large number of companies are encouraging their employees to donate after which they will match their contribution dollar to dollar. By using this strategy, an individual can make the employer a charity partner, who will be helping in creating social change by increasing or doubling their charity contributions.

Define Vision for Change

Philanthropists should not just contribute their hard earned money for the sake of it. They should go to an extra mile of defining what their money should be used for. Most of the visions and goals of a charitable person are advised by what they think is right and better for the society. For example, a person can highlight that digging wells for clean water is much better. The impact should also be maximized by measuring success and failures as well.

How to Become a Philanthropist

By Jimmy Lustig

On September 7, 2018

In Blog, Jimmy Lustig, Philanthropy

Becoming a philanthropist is much easier than you think and doesn’t always take millions of dollars. A philanthropist is anyone who is seeking to promote the welfare of others and does so through a donation of money and time. To help get started as a philanthropist, consider doing the following things:

Develop a strategy

Is there a specific reason you want to become a philanthropist? While there are particular outcomes from charitable giving, knowing precisely what you want to do will help get you on the right track for giving back.

Complete research

Once you have a solid strategy in place, it’s time to start the research process. Start by browsing the internet or reading books at your local library. Create a list of the best charities in your area and then choose what is most important to you and complete additional research. As you break down your list, look at the different ways the organization uses their donations and what their impact on the community is.

Volunteer

Volunteer opportunities are all around you and being a philanthropist is much more than giving money. It also has to do with volunteering. You can find volunteer opportunities on websites dedicated to listing opportunities and matching people and their skills to initiatives that can use their help. Volunteer opportunities can also be found through word of mouth. You can also find volunteer opportunities by approaching organizations you care about and ask them where you can help out. Keep in mind there are many volunteer activities available around the holidays.

Share your philanthropy

Once you find a cause you’re passionate about, share it with your friends, family, and coworkers. Tell them why this particular cause is so important to you and how they can get involved as well. You can also invite them to volunteer activities, ask them to help out at events or even encourage them to get involved with their own charities and organizations.

Donate

Every little bit helps. You do not have to be wealthy to donate to charities and organizations. To make sure your money is being appropriately used, research the charities before giving. Not all charities and organizations use their donations in the same way. Remember, it’s better to donate a more substantial amount to a few charities and organizations than to give small amounts to many different charities and organizations.

Nonprofit Spotlight: The Barbara Davis Center for Childhood Diabetes

By Jimmy Lustig

On August 10, 2018

In Blog, Jimmy Lustig, Philanthropy

The Barbara Davis Center for Childhood Diabetes is one of the largest diabetes institutions in the world. Located in Aurora, Colorado, the Center specializes in type 1 diabetes research for both children and adults. Through the Center, treatment is provided to pediatric and adult patients through the use of clinics.

The Center also focuses on educating families and patients about type 1 diabetes and its treatment. The center also focuses on education for medical professionals. Physician assistants and medical students can choose elective rotations at the Center.

In 1978, the center was funded by Marvin Davis and opened in 1980 in Denver. The center is supported by the Children’s Diabetes Foundation, which was founded in 1977 by Barbara and Marvin Davis. In 1980, the Center opened at the Ninth Avenue campus in Denver and moved in 2005 to the Anschutz Medical Campus, where it’s still located.

Barbara and Marvin Davis were inspired to start the Foundation and Center after their daughter Dana was diagnosed with diabetes when she was seven years old. Though the Davis’ had the money to get the proper care for their daughter, there was no way to cure her disease. After seeing how diabetes affected Dana, Barbara wanted to create a center where no one would be denied care.

The Center provides care to 80 percent of children in Colorado with type 1 diabetes, and 2000 adults living in the Rocky Mountain Region. Since it was founded, the Foundation has raised almost $100 million to support diabetic research and treatment.

Donations to the Foundation go directly to supporting care and research at the Center. Currently, the Center is working on 81 research projects that are aimed at increasing knowledge about diabetes and its effect on the body.

One current research project at the Center is stem cell researchers making insulin-producing beta cells that are derived from human stem cells. The Center is one of only a few labs in the world that are capable of this.

One of the Foundation’s largest fundraisers is the biennial Carousel of Hope Ball. Founded in 1978, the event is black-tie and invitation-only. In 2017, the 31st Ball was held and raised $1.65 million and featured a performance by Lenny Kravitz.

Charity versus Philanthropy: What’s the Difference?

By Jimmy Lustig

On July 24, 2018

In Blog, Jimmy Lustig, Philanthropy

Often, the words charity and philanthropy are used interchangeably. Both have to do with giving and helping others, so it’s easy to conflate the meaning of the two words. But, the two words have distinct meanings and deal with different areas of world change. To put it in simple terms, charity is giving, while philanthropy is doing.

Charity is a short-term response focused on relief and rescue. It addresses an immediate need for a community or a cause, such as food, shelter and medical care. Giving a meal or a coat to a homeless person would be charity, not philanthropy. While it’s addressing a need and is necessary, it doesn’t tackle the root issue.

Philanthropy focuses on finding a long-term solution to a problem. Philanthropy aims to solve problems, instead of providing temporary fixes to them. Philanthropy is a more strategic plan of giving that’s built around past success and has a strong focus on the community. While charity often only benefits one or a few people, philanthropy aims to reach a much broader group of people. By tackling the societal roots of these problems, philanthropy seeks to change the world in the long-term.

Another common misconception is that only the rich can be philanthropists. While those with money can tackle larger humanitarian issues, like donating money to build a new hospital wing, everyone can be a philanthropist. Everyone can make changes in small ways with some planning. Speak to the people in your community and learn what their needs are. Then, learn how to use the skills and resources you have to contribute to a solution to those needs.

This is not to say that charity is useless or should be done away with; it solves a purpose and gives us a chance to make small impacts on others. Both charity and philanthropy are necessary, and one isn’t better than the other. Another way to look at it is that philanthropy and charity are two different approaches to solving the same problem. They’re overlapping strategies that both are vital to the nonprofit sector. The two work in tandem with each other and the hope is that the practice of philanthropy eventually eliminates the need for charity.

An example of how the two work together can be seen in dealing with addiction. Philanthropy may fund a study that looks into risk factors of addiction or provides preventative education that works to prevent people from becoming addicts in the first place. These are long-term strategies, and ones that may take years to make any difference in addiction rates. A charitable organization would deal with the right-now of drug addiction, perhaps in the form of starting a detox center, to handle the immediate need.