Reflecting this trend, there has been an increase in the use of donor advised funds, so that donors can bundle their contributions into one year in order to get a tax deduction and then make grants over a period of years, almost mimicking a mini-foundation, he added.
“Charities have always been in some trouble raising funds, but it has been exacerbated in the last few years because of government cutbacks in spending on social services, as well as the more recent tax law changes,” Berman said.
“A wealth advisor can be a powerful assistant in carrying out a client's philanthropic goals,” Berman said. “Many people do not think about their philanthropy in a holistic sense and a wealth advisor can be invaluable in forming those goals.”