Does Philanthropy Really Matter?

why give to charity imageNo matter what our class status, I believe we all understand the importance of philanthropy.  Especially in a recovering economy, we all know that institutions need support to further their missions and generate discoveries and change.

I recently read an excellent new book, Why Philanthropy Matters, by Zoltan Acs. One of his major points is that in a capitalist economy it not only enables philanthropy, but requires it.  He goes on to explain that entrepreneurs support the kinds of institutions such as privately funded research universities, medical centers, libraries and laboratories that need funding to generate discoveries and bring disruptive change in a very positive way.  Additionally, they provide the funding for others to make great discoveries and build their own fortune, which is the backbone of America.

ACS differentiates the United States from other countries – in particular, India and China on this front.  I would have found it interesting for him to dig deeper into the governmental effect on philanthropy.  He makes a strong argument that the estate tax is a necessary tool that prompts the wealthy to entertain philanthropic giving, yet he does not really address the charitable income tax deduction.

For more information and to access my prior post, Ten Steps to Great Philanthropy in Your Estate Plan, visit:  http://bit.ly/U0TTom

 

Patricia Annino is a sought after speaker and nationally recognized authority on women and estate planning.  She educates and empowers women to value themselves and their contributions in order to ACCOMPLISH GREAT THINGS in the world – and in so doing PROTECT THEMSELVES, those they love, and the organizations they care about.  Annino recently released an updated version of her successful book, Women and Money: A Practical Guide to Estate Planning to include recent changes in the laws that govern how we protect our assets during and beyond our lifetime.  To download Annino’s FREE eBook, Estate Planning 101 visit, http://www.patriciaannino.com.

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