Trends in Charitable Giving

Trends in Charitable Giving

Whether the economy is expanding or contracting, Americans tend to be consistent with charitable donations.

In 2013, as the U.S. economy continued to stabilize, Americans gave an estimated $335.17 billion to charity. That’s almost $19 billion more than the previous year. 

Americans give to charity for two main reasons: To support a cause or organization they care about, or to leave a legacy through their support.

When giving to charitable organizations, some people elect to support through cash donation. Others, however, understand that supporting an organization may generate tax benefits. They may opt to follow techniques that can maximize both the gift and the potential tax benefit. Here’s a quick review of a few charitable choices:

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Term vs. Permanent Life Insurance

Term vs. Permanent Life Insurance

According to industry experts, most people don't have enough life insurance. LIMRA, which keeps close tabs on the industry, recently reported that average coverage equals $168,000, or 3.4 years in income replacement. That's less than half of the recommended 7 year threshold.

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