These times are not only good for starting “for-profit” enterprises, but they’re also good for starting non-profits. Here are some easy steps to start a charity.
Giving to charity can be a particularly taxing activity even when you’re doing it for all the right reasons. Whether it’s picking the right charity or the right assets to give, it can be a daunting task. If you haven’t found just the right charity, perhaps you should consider starting one yourself.
Starting a charity is no walk in the park. Worthwhile goals are rarely reached without a bit of elbow grease. Still, for many business-savvy philanthropists, it’s not enough to think solely about the goal and the gift; you’ve got to be the leading edge as well.
If your current challenge has been bested or if you’re moving onto a second career, there are few things that can beat the sensation of creating a thriving charity. That being said, you may need some planning and advice. Why? A charity is essentially a business (with extra effort and sans profit).
Never fear. A recent article in Forbes titled “How To Start A Charity” can help jumpstart the process and get your charity up and running.
Be sure to engage in competent legal and tax counsel before you leap. There are plenty of landmines awaiting the unwary that could impede good your intentions.
You can learn more about charitable planning on our website. Be sure to sign up for our complimentary e-newsletter to stay abreast of issues like these that could affect you, your loved ones and your estate planning.
Reference: Forbes (May 7, 2012) “How To Start A Charity”