In light of The Giving Pledge, a growing number of wealthy families and individuals are now evaluating how best to return the majority of their wealth to charitable causes. The number of donors seeking professional advice is rising.

In light of The Giving Pledge, a growing number of wealthy families and individuals are now evaluating how best to return the majority of their wealth to charitable causes. The number of donors seeking professional advice related philanthropic giving from wealth management firms is on the rise, and many are choosing to establish a private foundation to administer their wealth, according to a new white paper published by the Baird Family Wealth Group. 

The white paper, Move over 5 per cent and Let Mission Drive, encourages donors to resist the tendency to let financial planning and tax benefits drive their philanthropic decisions, which it asserts, happens all too often. Instead, donors are urged to first focus on defining their foundation’s mission and the social good they are hoping to accomplish, and then align their spend and investment strategies with those objectives.

You can read the full document here. It was penned by managing director Chris Didier, vice president Dave Klenke, a planning and tax expert, and Peter Frumkin, professor of public affairs and director of the RGK Center for Philanthropy and Community Service at the Lyndon B Johnson School of Public Affairs, University of Texas at Austin.