Beyond building financial security, there’s a growing desire among Denver’s affluent community to make a meaningful impact on the city and support causes that matter. Charitable giving has evolved into more than a financial choice; it’s a powerful way to connect personal values with lasting change, shaping the future for generations to come.
At Jupiter Wealth, an experienced wealth management firm in Denver, Colorado, we’re passionate about helping you pursue your financial and philanthropic goals. Our approach goes beyond traditional financial planning by collaborating with you and your family to integrate charitable ambitions that align with your values, creating a lasting legacy.
In this article, we’ll explore how philanthropy and legacy planning can benefit you and Denver’s community while reinforcing family values across generations.
Why Consider Philanthropy and Legacy Planning
Leaving a Lasting Impact
Philanthropy provides a meaningful way to support causes that resonate deeply with you, allowing you to make a personal impact on Denver’s community and immediate needs. For many, the satisfaction of making a tangible difference in the lives of others is a key motivation to engage in philanthropy.
Create positive change: By driving lasting social change, philanthropy enables individuals to address critical needs within the community. From education and environmental protection to the arts and healthcare, each contribution shapes Denver’s future.
Inspire a culture of giving: Acts of philanthropy can have a ripple effect, inspiring others to give as well. When you give, you foster a culture of generosity, encouraging others in your network and community to support causes they care about.
Strengthening social bonds: Philanthropy offers a sense of fulfillment and connection with others who share similar values. The joy that comes from giving can create lasting relationships within the community, uniting people around shared goals and values.
Family Values
Incorporating philanthropy into your wealth management plan can have a powerful effect on instilling charitable values in future generations. Plus, giving back not only supports the community but also boosts personal well-being. Research shows that donating to charity activates the brain’s pleasure centers, promoting happiness and satisfaction that enhances personal and family life.
Involving family members in philanthropic decisions can cultivate a shared commitment to giving back, reinforcing the importance of community and compassion. This collaborative approach strengthens family bonds, creating goals that reach beyond financial wealth and fostering unity and purpose across generations.
Jupiter’s team of financial planners in Colorado have managed wealth for affluent families for over 30 years. We provide family office services to help you build a multigenerational approach to philanthropy. Our team partners with your family to identify meaningful giving opportunities and solutions prioritizing your financial well-being.
Tax Benefits
An important benefit of legacy planning is the potential tax advantages of charitable giving. When structured thoughtfully, philanthropy can provide substantial tax deductions, reducing your overall tax liability and amplifying the impact of your contributions.
Several tax-efficient strategies are available to maximize giving while supporting your financial goals:
- Donor-Advised Funds (DAFs): A DAF allows you to make a charitable contribution, receive an immediate tax deduction, and then recommend grants from the fund over time. This flexible approach lets you invest assets within the fund, potentially growing your gift and creating a lasting impact.
- Charitable trusts: Establishing a charitable remainder trust (CRT) or charitable lead trust (CLT) can provide both income and estate tax benefits. A CRT, for instance, allows you to receive income from assets placed in the trust while ultimately passing the remainder to a charity, combining personal income needs with philanthropic intent.
- Qualified Charitable Distributions (QCDs): If you are 70½ or older, you can contribute up to $100,000 per year from an IRA directly to a qualified charity, tax-free. For couples, this limit doubles to $200,000. A QCD can satisfy required minimum distributions (RMDs) and lower taxable income, making it a smart choice for those looking to support causes while managing taxes effectively.
- Private foundations: For those looking to establish a long-term legacy, a private foundation offers a highly customizable giving vehicle, allowing family involvement, potential tax deductions, and the flexibility to support causes over multiple generations.
Jupiter Wealth’s investment advisors in Denver can work with you to identify the best charitable strategies, analyzing each approach with your financial objectives and vision for impactful giving.
Making a Difference in Denver
In Denver, charitable giving has been a vital part of the community, with residents and organizations actively supporting various causes.
Popular charitable initiatives include:
- Education: Support for educational initiatives, scholarships, and programs aimed at improving access to quality education is a priority for many donors.
- Healthcare: Contributions in Denver support essential services, community health clinics, cancer research, cardiovascular health, pediatric care, and mental health programs, creating a broad impact across the healthcare landscape.
- Environment and animals: Conservation efforts and animal welfare organizations attract contributions from those passionate about preserving Colorado’s natural beauty and wildlife.
- Human services: Organizations focusing on housing insecurity, food security, domestic abuse support, and care for vulnerable children need significant support in Denver.
- Arts and culture: Denver’s vibrant arts scene benefits from donations to museums, theaters, and cultural festivals, enriching the city’s cultural fabric.
Denver has a unique philanthropic landscape, with a wide array of local causes and organizations focused on addressing the city’s most pressing needs.
Jupiter Wealth: Legacy Planning and Wealth Management in Denver
If you believe philanthropy and legacy planning should be an integral part of your financial plan, we’re here to provide the guidance you need.
As experienced wealth managers in Denver, we work closely with clients to identify philanthropic goals that reflect both personal values and financial objectives, helping you explore all available options.
Whether you’re interested in supporting local causes, creating a family legacy of giving or establishing a foundation, Jupiter Wealth offers support every step of the way. Partnering with us gives you the insight and resources to make philanthropy a meaningful aspect of your legacy.
Consider Jupiter as your trusted Denver wealth management partner. We’re ready to help you build a legacy that makes a difference about the causes and people you care about.
Please get in touch with us today to schedule a consultation.
