Donating large sums to charity

[jkust]

Re: Donating large sums to charity

Congrats on winning. I am a 'charity begins at home' person but at a cetrain point another 67k is just numbers on a page. I flat out refuse to give to the large charities United Way type charities where indeed the administrative expenses are a factor. The United Way was jammed down my throat early on in my career at one particular employer. I do not want or need a charity intermediary since that seems to be government's role to do that for me. When I was a kid in the 80's, we were always on the financial edge. I should have never known this but my parents did not attempt to hide it but instead were very vocal about it. One particular year was so bad my folks ended up getting help from the local veterans organization who provided a Thanksgiving meal. My dad was a decorated Vietnam vet. I give to the local U.S. Veterans organization. I always give local.

 

[thefairlaneman]

Re: Donating large sums to charity

I bet you have already received dozens of letters from financial planners? Have you? The only planning most of these con men do is plan for your money to go into their pockets . They always make money even if you lose it by "investing" as they direct you..Screw them.

 

[jollymon]

Re: Donating large sums to charity

JustJason,

Look around locally, I am sure there are alot of people that could use your help. I know the tax write off has been mentioned alot, but do what is best for you.

When I was younger and renting an apartment, a coworker kept telling me I had to buy a house, my response was ic an not afford the down payment, or the mortgage. He kept showing adds for handyman specials, forclosures etc. I told him, yea I can afford those but not the down payment. Long story short, he kept at me, until I fould one that I could mange, except the down payment. The next day he handed me $10,000, and told me pay him back over ten years.

That $10,000, went futher in getting me to where I am today then anything. Not just the cash itself, but that someone would take that kind of chance with me. Look around for some young people struggling to get somewhere, and give them a chance. I would not give them the money as a gift, but a loan, when you get it back do it again. I hope someday I can do the same for someone else.

 

[RollingWanderer]

Re: Donating large sums to charity

Congrats on your winning! I'll keep most of my thoughts on how to use the money and what charities I like to myself...there have been many good suggestions so far...though my only suggestion will be, dependending on your life/disability insurance situation, to consider at least some going into a trust to care for yourself and/or current/future family in the case of your untimely passing or permanent disability. Sorry to be grim, but working in healthcare constantly reminds me of the need to plan for these situations.

 

[QC]

Re: Donating large sums to charity

Jason,

I would triple check the tax liability before I banked on the net amount you are to receive. Even with hefty withholding you could still end up owing more taxes. Of course the donation comes into the equation as well and may mean you get most of the withholding back, I dunno. Caution!!! I am basically a financial idiot, but that's why I know you should make dang sure . . .

 

[vegasphotoman]

Re: Donating large sums to charity

If you dont need the money you probably are fairly good with finances etc

that being said the 50k or so wont go very far in the grand scheme of things...

maybe invest part of the money and take all of the profits quarterly to your local charity / food bank / homeless shelter. The gift that keeps on giving!

I know locally in Las Vegas homelessness is a fairly large problem, I might buy 50 to 100 pup tents and blankets and hand em out to the congregating homeless people near the soup kitchens

==========
Since you mentioned family issues in the past, how bout a family re-union or get together at a ranch or large B&B, big cabin fishing trip bbq etc this coming summer.... could be money well spent.......family is what its all about...as money really means squat without family.

 

[JB]

Re: Donating large sums to charity

I did some of that. I found it far more satisfying to focus my generosity on specific needs in my community.

Single mom neighbor lost work and was in danger of eviction. I bought her modest house and gave her a "pay me when you can" mortgage.

Bought a siren for our rural volunteer firehouse to warn neighbors of hazardous weather and to call in the volunteers.

Started a "Student Emergency Relief Fund" with a Grand at the school I retired from to make small grants/loans to pay utility bills, buy gas and other worthy needs.

All win-win, because I felt very good about it.

 

[sfy]

Re: Donating large sums to charity

as others have mentioned, Food Banks are in desperate need right now
and if you are not sure about the percentage they spend on food, talk to a local grocer, tell them what the situation is. they may be willing to help load a semi with stuff at a reduced price.

another possible option for you is the homeless shelters. in this current economic era, they have been hit extremely hard both by the numbers of new clients and the reduction in available cash flow.

thanks for being a person who seeks to help others in need, it is always nice to know they are still out there.